Analyst Pinpoints $61,500 As Critical Bitcoin Price Level To Monitor
14 Maio 2024 - 1:00PM
NEWSBTC
Amidst the recent decline in Bitcoin’s price and the general
cryptocurrency market, popular cryptocurrency analyst and
enthusiast Titan of Crypto has highlighted the $61,500 price level
as a crucial threshold to watch for the largest cryptocurrency.
Titan of Crypto analysis examines the aforementioned level as a
pivotal point for Bitcoin that could determine the coin’s next
price trajectory. $61,500, A Level To Watch For Bitcoin Today, May
14, BTC witnessed a sharp decline to nearly $61,500, demonstrating
little momentum for a price recovery. While many would see this as
a worrying development, Titan of Crypto considers it a noteworthy
development. He sees this level as significant and is one to watch
out for for Bitcoin. The crypto expert further warns of an
impending volatility in the market around Federal Reserve Chair
Jerome Powell‘s speech later today. Thus, Titan of Crypto has urged
the community to remember that it’s better to hold off on making
decisions until after the BTC daily candle closes and until the
next one confirms the previous one. The post read: Bitcoin $61,500
is the level to watch. Expect volatility in the markets around
today’s Powell speech. In any case, remember it’s wiser to wait for
the BTC daily candle close and confirmation with the following one
before jumping to a conclusion. Although the expert anticipates
volatility for Bitcoin, he is confident that the crypto asset’s
bull run is far from over, suggesting a movement on the upside is
still possible. Related Reading: Why Bitcoin’s Post-Halving
Rally Is Certain, Analyst Explains According to Titan of Crypto,
Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has
recently moved into the overbought area. However, the analyst
asserts that this does not call for alarm, given that Bitcoin took
over eight months to peak following the development based on
previous bull cycles. Looking at Bitcoin’s price action from the
daily timeframe, the expert confirms that the digital asset is
“looking good.” As a result, BTC is following the bullish target to
unprecedented heights, specifically around $112,185. “This game is
a zero-sum game where impatient people give their money to the
patient,” he added. Possible Retracement To $62,000 While Titan of
Crypto anticipates a rally, Ali Martinez, another crypto, has
predicted an early price retracement. The expert has highlighted
the possibility for BTC to decline to $62,000 in the short term.
According to the analyst, the 4-hour chart’s 200 Exponential Moving
Average (EMA) appears to be rejecting Bitcoin, whereas the TD
Sequential indicator suggests a sell signal. Should the development
be confirmed, Martinez expects BTC to drop to $62,000.
Related Reading: Bitcoin Bearish Signal: Analyst Predicts Potential
Dip To $52,000 However, for BTC to witness an upward movement, it
needs to maintain a 4-hour candlestick close above the $64,000
threshold. Thus, with the coin trading below the $62,000 level,
Martinez’s prediction appears to have already manifested. At the
time of writing, the coin was trading at $61,512, indicating about
1.98% in the past day. Its trading volume was up by 9.67%, while
its market cap was down by 2.65% in the last 24 hours. Featured
image from iStock, chart from Tradingview.com
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