Bitcoin is a representative virtual currency ($BTC) faces risks in the Middle East on the first trading day of June. This brings the price below $73,000. $BTC We are at a critical crossroads in the coming days.
Forecasts suggest the market could test the liquidity zone around $72,000, but U.S. jobs data is also cited as a variable in determining near-term direction.
At the moment, as analysts reveal their current predictions, popular analyst Benjamin Cowen predicts that Bitcoin will soon fall to the $70,000 level and then recover slightly.
Cowen shared analysis from Account X and said: $BTCThe recent erratic movements of have made predictions difficult. However, analysts also predict that after an expected slight recovery, Bitcoin is likely to retest its February lows.
“Bitcoin hasn’t hit the bottom yet!”
In contrast, an analyst known as Dr. Profit predicts that Bitcoin will bottom between $40,000 and $50,000. In an article published in X, the analyst said that the current market is not yet ready for significant buying pressure or an upward reversal.
He said that Bitcoin and the market are tired of the sideways movement and are in a classic capitulation phase. At this point, the same analyst suggested that a fall below $60,000 would trigger the beginning of a full-fledged capitulation. This situation could be exacerbated by selling by long-term investors, the failure of exchanges or major institutions, or unexpected black swan events, spreading uncertainty in the market.
As a result, analysts predicted a classic capitulation phase would occur, with the final bottoming out between September and October of this year.
The analyst also added that he still has short positions opened at the $120,000 and $80,500 levels, which he plans to hold for a limited time. $BTC Still below $80,000.
What does it take for Bitcoin to rise?
Analyst Michael Van de Poppe also said that Bitcoin is at a critical juncture. Poppe X says in his article: $BTC If the $71,000 support level fails to hold, a fall to the $61,000 to $65,000 range is possible.
However, analysts believe that below $61,000, $BTC Not likely. Conversely, if the $71,000 support level holds; $BTC A break above the $76,600 resistance could trigger a strong uptrend and rally for the altcoin.
Finally, Plan B said he sees a greater than 50% chance of Bitcoin falling below $61,000.
In an article for PlanB “The data shows no signs of a bottom forming yet,” the analyst said in his personal opinion. He also added that he believes there is a more than 50% chance that this will happen. $BTC It will be below $61,000 or $53,000.
*This is not investment advice.
