The Bitcoin market is experiencing turmoil with the risk of prices falling to $69,000. Experts analyze current trends and provide forecasts.
Bitcoin and Offer Liquidity
Bitcoin traders are closely monitoring order books ahead of the weekly close. Currently, BTC/USD prices have dropped by over 3%, reaching $83,000. There is active formation of liquidity levels on various exchanges, with an increase in long liquidations. Popular trader TheKingfisher warned that 'there are lots of long liquidations around $84,300, while shorts are concentrated between $86,500 and $87,000'.
$75,000 BTC Dip Prediction
The current question is whether BTC will reach $75,000. This dip may signal the start of a retest of levels last seen in November last year. Mikybull Crypto believes Bitcoin may return to the 50-week simple moving average (SMA) support, potentially forming a local bottom. BTC/USD last interacted with the 50-week SMA in September, but has since avoided closing below it.
Low Odds for Drop Below $69,000
According to a mechanism that correctly called Bitcoin's 2020 bull run, the current floor is around $69,000. This would mean a return to its old 2021 all-time high, marked by a 37% correction. The 'Lowest Price Forward' tool gives a 95% confidence level that $69,000 will act as a support.
The current situation with Bitcoin requires careful analysis. Experts suggest that the support level around $69,000 will be pivotal, but investors should be aware of high risks and continue monitoring.
