Bitcoin Could Drop to $58K as Cool-Off Period Is Imminent

#BTC #PriceDrop #bearishbitcoin

Bitcoin nearly doubled in price since late January, but a "counter move seems to be near,"

Bitcoin (BTC) has been climbing ever-higher over the past month, notching new all-time highs on the way with every dip bought up quickly, but the largest crypto may be poised for a cool-off phase, analysts warned.

Digital asset analytics firm Swissblock said in a note on Wednesday that bitcoin nearly doubled in price from $38,000 in late January without any meaningful pullbacks, and a cooling period could be imminent.

"Nothing rallies in a straight line. Not even BTC," Swissblock analysts said in a Telegram update. "A counter move seems to be near."

"We see BTC dropping to $58,000-$59,000 in the next move," they said, representing a 20% decline from current prices. "But the top is not in."