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Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K
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Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today's drop back under $56,000 is raising eyebrows among traders.
Data from Cointelegraph Markets Pro and TradingView shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600.
Here’s what analysts have to say about the latest price action from Bitcoin and what to look out for in the days ahead.
A closer look at the monthly price action for Bitcoin was discussed by independent market analyst ‘Rekt Capital’, who posted the following chart showing that BTC is close to reclaiming an important monthly
Read more on cointelegraph.comAbout this in other media
Here’s why analysts expect ‘choppy’ Bitcoin price action between $42K and $53K cointelegraph.com /3 years ago
One more Bitcoin price dip? BTC may fall again before 'slow grind up,' warns analyst cointelegraph.com /3 years ago
Ethereum acts as a 'hedge' in Bitcoin price crash as ETH/BTC hits 3-year high cointelegraph.com /3 years ago
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