Bitcoin’s price has been a rollercoaster lately. Let’s break down what’s happening and what experts predict.
A Week of Ups and Downs
Last week, Bitcoin dipped to a one-week low. It’s trying to bounce back above $104,000-$105,000, but some analysts think it might fall further. A big drop to $102,000 was partly due to news about the Iran-Israel conflict, showing how sensitive Bitcoin is to global events. Bitcoin failed to hold its recent higher price range, falling back into a range established after a breakout in November. This follows a previous dip to around $100,000 which it recovered from earlier this week.
Analyst Predictions: Choppy Waters Ahead
One analyst, Daan Crypto Trades, sees Bitcoin trading more erratically, like it did earlier in the year. He thinks the price range’s high point is crucial. If Bitcoin can’t stay above that, a bigger drop is possible. He believes a decisive break above or below the current monthly high or low will determine the price trend for the rest of June and beyond. His advice? Don’t get caught up in the short-term volatility.
Another analyst, Carl Runefelt, sees a potential double top pattern on the charts. If Bitcoin doesn’t rebound from a recent resistance level, it could fall to the middle of its price range, and potentially even lower, towards $90,000-$92,000.
Yet another analyst, Merlijn The Trader, points out some price gaps from earlier in the year that could be filled if the geopolitical situation worsens. However, he also sees this as a potential buying opportunity, comparing the current situation to last year’s price action, which ultimately led to a significant rally. He suggests that Bitcoin’s current price movements are mirroring a pattern from last year, hinting at a potential major price increase in the future. He believes that if you understand the pattern, you can anticipate what’s coming next.
