Trading experts and analysts warn that Bitcoin (BTC) is still facing uncertainties despite a recent upward correction. Technical and fundamental analyses offer insights as volatility increases and investors speculate on the cryptocurrency’s future direction.
Renowned analyst, Credible Crypto, known for detailed analyses of Bitcoin and cryptocurrencies, is waiting for clearer signals before publishing new analyses. Previously optimistic about BTC hitting its downside target and gearing up for a bullish phase, recent analysis suggests that Bitcoin’s situation remains uncertain.
The analyst discusses the possibility of two potential bottom formations in a recent video. This includes either an aggressive drop to $49,000 followed by a quick bounce or a period of dull accumulation with decreasing volatility before a breakout with significant volume increase.
Bitcoin’s current levels around $60,000 could lead to a triple top and triple bottom scenario, according to Credible Crypto. The analyst anticipates BTC testing resistance levels to form a triple top and eventually moving towards a triple bottom around $49,000, with expectations of a swift recovery. The short-term outlook is bearish, presenting opportunities for acquiring BTC at lower prices.
In a rare bullish scenario, Credible Crypto considers a triangle or tightening wedge pattern that could result in a faster breakout. However, he views this as a low-probability scenario and leans towards a short-term bearish trend for further accumulation.
This change in perspective from a bullish stance to a cautious one emphasizes the importance of adaptability in speculative markets. Analysts suggest that investors and traders remain flexible and plan for different scenarios.
Another notable analyst, Alan Santana, also warns of Bitcoin’s bearish chart in a six-month downtrend. AI models predict BTC trading at $90,000 by the end of 2024, aligning with predictions from trading expert Cryptorphic expecting Bitcoin to reach $93,000.
Please note that the information provided should not be considered as investment advice, as investing involves risk.