- Importance of $56K and $58K levels for Bitcoin
- Analysts give forecasts on Bitcoin
- Long-term prospects for Bitcoin
In order to maintain an uptrend, Bitcoin needs to rise above the $58,000 level after a recent dip, crypto analysts say.
Importance of $56K and $58K levels for Bitcoin
Crypto analyst Matthew Hyland noted that to confirm the uptrend, Bitcoin needs to reach a higher price. 'We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we’ve been in since August,' Hyland explained. The critical support level for Bitcoin, according to Hyland, is $56,000: 'If we were to lose this $56K level that would be a lower low.'
Analysts give forecasts on Bitcoin
Some traders believe Bitcoin needs to go much lower before resuming its uptrend. Markus Thielen, head of Research at 10x Research, suggested market participants wait for Bitcoin's price to 'fall into the low $40,000s' to ideally time their entry into the bull market. At the time of publication, Bitcoin is trading at $59,218, bouncing back from a dip to $57,925 earlier in the past 24 hours.
Long-term prospects for Bitcoin
Pseudonymous crypto trader Jelle shared with their 91,000 X followers that long-term prospects for Bitcoin remain positive. Jelle suggests that Bitcoin could reach the six-figure mark in the near term, despite current volatilities. 'This multi-year cup & handle pattern has a 6-figure target,' Jelle wrote.
Analysts continue to monitor Bitcoin price changes coinciding with upcoming events such as the US presidential election. Many believe that Bitcoin's long-term prospects remain positive.
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