Bitcoin Faces Bearish Pullback, but Long-term Potential Remains Strong
Bitcoin Faces Bearish Pullback, but Long-term Potential Remains Strong
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- Crypto analysts predict a bearish pullback in the cryptocurrency market, focusing on Bitcoin’s levels.
- Bitcoin’s resistance is at $28.9k, while support is $28k; breakdown could hit $25.2k, and a breakout could reach $37.7k.
- Despite a short-term bearish outlook, analysts remain positive about Bitcoin’s long-term potential and breakout resistance level of $35k.
In the latest market round-up by crypto analysts CryptoDonAlt and CryptoCred, the mood was somber as both experts predicted a bearish pullback in the cryptocurrency market.
Source: Tradingview
The focus was primarily on Bitcoin, with the experts providing key resistance and support levels for the popular cryptocurrency. According to their analysis, Bitcoin’s current resistance is at $28.9k, while the support level is $28k.
However, the experts warned that if Bitcoin breaks down from the support level, it could hit a target of $25.2k, a significant decrease from its current price. On the other hand, if Bitcoin manages to break out from its resistance level, the target price could reach as high as $37.7k.
Moreover, many experts believe the current market conditions may allow investors to enter the market at a more favorable price point. Therefore, conducting thorough research and exercising caution when investing in cryptocurrencies is important.
The current market round-up by CryptoDonAlt and CryptoCred provides valuable insights for those interested in the cryptocurrency market. While the short-term outlook may be bearish, the long-term potential of cryptocurrencies remains significant. Therefore, investors should remain vigilant and stay informed to make informed decisions.
In addition to the resistance and support levels mentioned, the analysts also highlighted the significance of the monthly close for Bitcoin. The current monthly close is $28,500, which is important to watch for potential price movements.
The analysts also identified a breakout resistance level for Bitcoin at $35k, which could be a significant price target if Bitcoin breaks out from its current resistance level. Furthermore, they provided a positive outlook for the next six months, stating that they expect Bitcoin’s price to remain above the $23k level. This suggests that while there may be short-term volatility, the overall trend for Bitcoin could be upwards in the medium term.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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