The latest uptrend in Bitcoin's price has led to speculations about its future direction. Analyst Josh Olszewicz believes that despite Bitcoin's recent rise above $64,000, it remains at risk of a potential decline.

Olszewicz's analysis of the Ichimoku Cloud indicator suggests that the cryptocurrency is still in a downtrend as the cloud remains red. Bitcoin is currently struggling to break above this key resistance level.

To confirm a bullish reversal, Olszewicz recommends observing the combination of the Ichimoku Cloud indicator with an inverse head and shoulders pattern. If successful, Bitcoin could change the cloud color to green and continue its upward momentum.

In a previous analysis, Olszewicz correctly predicted a major sell-off by monitoring the Tenkan/Kijun crossover, warning investors about the possibility of a decline. Macro-financial concerns and withdrawals from Bitcoin ETFs in the USA had heightened the cryptocurrency's vulnerability.

Contrary to this bearish view, Bitcoin supporter D.R. Lewis highlighted a positive weekly candlestick pattern, anticipating a strong rally in the second half of the year.

Bitcoin closed above $64,000 in its most recent weekly candle close, indicating a potential continuation of the bullish trend. Following a significant drop in May, the cryptocurrency has shown resilience with a notable recovery.

Overall, the outlook for Bitcoin remains uncertain, with conflicting signals suggesting both potential risks and opportunities for investors.

This article was originally published on COINTURK NEWS.