Bitcoin’s price is showing a bit of uncertainty as it nears the $65K mark, with Wednesday witnessing a $1,000 drop in BTC. While the leading cryptocurrency experienced a slight correction, some top altcoins surged by double digits during the late New York trading session. However, the short-term projection for BTC leans slightly towards a bearish sentiment.
The recent 3% rally pushed Bitcoin to reach a daily peak at $64,688, sparking optimism among investors for a retest of the crucial resistance level at $65K. Although Bitcoin briefly exceeded yesterday’s high today, it failed to sustain its bullish momentum, leading to a short-term correction. Failure to transform the $65K barrier into solid support could trigger a significant decline in BTC’s price to levels around $62,350 and $61,555.
A looming short-term correction in BTC is evident from a technical viewpoint, mirroring a similar forecast by popular crypto trader RektProof. Despite a recent bearish outlook, no significant follow-up from sellers suggests a potentially bullish long-term scenario, although a short-term correction post Monday’s high is plausible.
Elja Boom presents a positive long-term outlook for Bitcoin via a weekly chart, foreseeing a parabolic phase that could propel Bitcoin higher over the next few months. This exponential rise is anticipated to last nearly 500 days, setting the stage for Bitcoin’s next cycle peak around late August 2025.
Following the SEC’s recent approval of Bitcoin options trading post the spot Bitcoin ETF authorization, the long-term prospects for BTC’s price remain optimistic. Despite a setback in a similar decision for Ethereum, Bitcoin’s technical and fundamental foundation appears robust. Overcoming the $65K hurdle and establishing it as solid support could propel Bitcoin towards the $70K mark, potentially revisiting its all-time high.
The original article can be found at CoinGape under the title “Bitcoin Price Stumbles As Investors Anticipate $65K, Is BTC Correction Brewing?”.