Bitcoin's current price movement, following the recent drop from $66,498 to $60.3K, indicates potential for both a correction and a reversal, depending on market conditions.
Some analysts predict another 10% to 20% correction, which would bring BTC into the $48K to $54K range. This forecast is based on the market looking heavy, with the possibility of a final shakeout. Despite this, some traders, like RektProof, anticipate a bounce around the $59.2K to $57.2K levels, expecting a subsequent rally that could drive BTC to $70K or higher.
On the upside, thereâs speculation of a short-term bounce if BTC holds between $58K and $60.2K, potentially climbing back to $61K to $63K. However, a decisive reclaim of $65K is seen as crucial for more sustained upward movement. Many traders are hedging rather than selling, reflecting uncertainty in the market.
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