Bitcoin Price Could Crash

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Bitcoin Price Could Crash

Bitcoin Price Could Crash To $60K

Bitcoin is showing signs of a comeback, but analysts think there's still risk of a move towards $60,000. If we look back, Bitcoin has gone through double-digit declines multiple times in the past.

On a long-term scale, Bitcoin is still in a defensive position. So, even a few green candles are not enough to put the cryptocurrency out of its bearish trend.

Fear And Greed Index Is Neutral

There's so much going on that it's confusing the investors. On the one hand, there's high geopolitical tension, tariffs, and a flight towards safe-haven assets. On the other hand, there are high energy prices, and the investors are moving towards cash.

The fear and greed index is in neutral territory after spending many months in extreme fear. This shows that investors are still unsure about the next direction of Bitcoin.

On-chain data reveals that whales are sending a lot of BTC to the exchanges. Meanwhile, small investors are buying the dip in hopes of a solid comeback.

According to one analyst, Bitcoin can fall to the $70,000 level once again. However, a move above the $85000 will be a sign that Bitcoin has freed itself from the grasp of the bears.

Another analyst thinks that the path of least resistance for Bitcoin is towards $58000 to $62000. But if this support level fails, then Bitcoin will drop all the way to $30,000.

So, there are also analysts who think the recent strength in Bitcoin is nothing but a bull trap. It is just a tactic used by the big fish to trap the small investors and then dump the coin.

Even now, it seems caution is the best approach when it comes to Bitcoin. One group thinks a move above $85000 is needed to validate the end of the bearish cycle. The other group thinks Bitcoin is going through a bull trap pattern and could fall to $30K.

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