- Several crypto analysts predict a price drop
- However, a buy signal flashed on the cryptocurrency’s chart
Bitcoin [BTC] has struggled over the past week, with the crypto price unable to register a major breakout. According to some analysts, BTC’s latest bearish price action could even underline the possibility of BTC falling to $60,000 again.
Will Bitcoin Bears Push BTC Toward $60,000 Again?
CoinMarketCaps facts revealed that the price of BTC has only moved marginally over the past seven days, with its value only increasing by a modest 2%. At the time of writing, Bitcoin was trading at $96,158.09 with a market cap of over $1.9 trillion.
In light of the crypto’s price action, Ali, a popular crypto analyst, shared a tweetfrom which a number of intriguing predictions emerge. One of them out Peter Brandt claimed that BTC was “on the verge of breaking off a widening triangle,” projecting a retracement towards the $70,000 zone.
According to Martinez, from an on-chain perspective, a Bitcoin price correction to $70,000 is possible. Especially since below $93,806 it is pretty much out in the open, all the way up to $70,085.
Where is BTC going?
AMBCrypto then assessed the King Coin’s on-chain data to find out how likely it is to drop to $60,000 again. Glassnode’s data showed that the bottom of the BTC market was above $60,000.
According to the Pi Cycle Top indicator, BTC’s possible bottom was at $78,000. On the other hand, the possible market top of the king coin could be close to $132k, according to the same indicator.
Source: Glassnode
At the time of writing, BTC’s price was still in the neutral zone fear and greed index. This means that the price of the coin could move in any direction in the coming days or weeks.
Meanwhile, Ali Martinez posted another one tweet suggesting a possible buy signal. The tweet stated that the TD Sequential presented a buy signal on the Bitcoin hourly chart, anticipating a price recovery.
That’s why we took a closer look at BTC’s daily chart. However, the technical indicator MACD gave a bearish edge to the market. This could cause a price correction, causing the coin’s price to rise back to $60,000.
Read Bitcoins [BTC] Price prediction 2025–2026
Nevertheless, the Chaikin Money Flow (CMF) registered a slight increase. An increase in the metric indicates an increase in buying pressure and a potential upward trend. Whenever buying pressure increases, it signals a possible price increase.
Source: TradingView