Bitcoin Price Might Drop To This Level Before Initiating Bull Run

The post Bitcoin Price Might Drop To This Level Before Initiating Bull Run appeared first on Coinpedia Fintech News

As Bitcoin and the overall cryptocurrency market continues to experience a bearish trend, renowned technical analyst Titan of Crypto has told us to expect more downturn for BTC throughout this month.

At the time of writing, Bitcoin was barely holding onto $57,000. Titan of Crypto doesn’t see a reversal in price action anytime soon. He expects the price to double to $51,600 before the bulls can gain even a modicum of an upper hand.

According to his predictions, if the bulls can take control, then we could see Bitcoin’s price push over $100,000. Recently, Bitcoin closed its monthly candle below the critical $61,300 mark, a level that analysts had been closely monitoring. Latest data from the two-month chart shows a reversal candle, a highly bearish technical signal.

Despite this bearish signal, it’s essential to remember that a single reversal does not necessarily mean it is the end of a bull run, as was pointed out by Titan of Crypto. In fact, historical trends suggest that during bull markets, Bitcoin often retraces to the 38.2% Fibonacci retracement level, a key level known in trading circles as the ‘first stop.’

For Bitcoin, the ‘first stop’ is currently positioned at $51,600. According to the analyst, this price represents a natural correction point that could confirm the ongoing strength of the bull market if it holds. A bounce off this level could reaffirm investor confidence and the continuation of the 2024 bull run.

However, a break below this point will cause a deeper retrenchment or an extended period of consolidation. We might see Bitcoin falling even below $50,000, which is when the bull run would be considered officially reversed. At press time, Bitcoin was worth exactly $57,088.