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Why The Bitcoin Price Could Hit $68,000 Again
TL;DR
Bitcoin's price is at a crucial support trendline that could dictate its next move. Analysts suggest a breakout may lead to a rise or a decline back to $68,000.
Key points
- Bitcoin is at a critical support trendline.
- Analysts predict two potential price scenarios.
- Key support levels include $79,418 and $77,300.
The Bitcoin price is currently sitting on a key support trendline that could determine its next major move. According to a crypto analyst, a breakout from this level could lead to two possible scenarios. On the bullish side, the cryptocurrency could extend its recent price recovery and push higher. However, in a bearish scenario, the analyst predicts a steep decline, with price possibly revisiting $68,000. Given the significance of this trendline, analysts and traders are closely watching to see how Bitcoin will react here.
Bitcoin Price Sits At Critical Make Or Break Trendline
Crypto market analyst Ardi has presented another compelling Bitcoin price analysis on X. However, this time, he has outlined two potential price scenarios for the flagship cryptocurrency. While others believe that Bitcoin may have entered bullish territory following its surge above $79,000, Ardi still maintains a cautious stance even as he projects possible bullish scenarios.
In his post, Ardi noted that the Bitcoin price is currently sitting at a critical technical area where two key support levels are converging. He said that these supports include an established ascending trendline pointing toward $79,418 and a liquidity zone around the $77,300 level.
According to him, this ascending trendline has guided Bitcoin’s price action since it reached $65,000 in early April. The chart also clearly shows that every major swing high within BTC’s latest recovery has respected this trendline, making it a consistently tested support area throughout the upward move.
Source: Chart from Ardi on X
As a result, Ardi emphasized that this trendline has become a critical zone for the market to watch, especially as Bitcoin is now approaching a decisive point where price could either break above or below the support. He also noted that every rally since the $65,000 level was gained from found on this ascending trendline.
Q&A
What are the possible scenarios for Bitcoin's price according to analysts?
Analysts predict two scenarios: a bullish breakout leading to a price increase or a bearish decline that could see Bitcoin revisit $68,000.
What key support levels are influencing Bitcoin's current price action?
Bitcoin's price is influenced by an ascending trendline near $79,418 and a liquidity zone around $77,300.
How has Bitcoin's price behaved since it reached $65,000 in April?
Since reaching $65,000 in April, Bitcoin's price has consistently respected the ascending trendline, indicating a strong support area.
