Bitcoin, the largest cryptocurrency asset, has shown considerable volatility, prompting several bearish sentiments regarding its price trajectory from market experts. After exploring the recent price action of BTC, popular cryptocurrency expert and trader, Titan of Crypto, has warned community regarding an impending downward correction in the digital asset.
His observations indicate that there may be serious obstacles to achieving Bitcoin, indicating crucial support levels that investors should watch closely. Amid this negative outlook, the analyst identifies $58,800 as the next key support level to watch.
Bitcoin poised for significant decline
This week opened on a bearish note, leading major cryptocurrency assets like Bitcoin to decline due to a broader atmosphere of uncertainty in the market. As a result, Titan of Crypto believes that BTC could undergo a much deeper correction in the coming days.
According to the analyst, the shooting star of the two-month charts, which he spoke about more than six weeks ago, is currently being highlighted by many. At the time, the expert predicted that BTC could see a decline to around $51,600 before gaining momentum to chase the $110,000 price level.
However, Titan of Crypto hoped its observation was just manipulation, while noting that the 2-month chart had printed a candle that reversed direction. While many people are highlighting this prediction, it seems that the community is convinced that this prediction has the potential to manifest in the near future.
Looking at the 3-month chart, the expert pointed out that it doesn’t look too bad and is just as meaningful as the 2-month chart. He further noted that it is likely that greater relevance is associated with a longer delay. For this reason, he is confident that BTC will decline, placing the next price target to watch at $58,800 by July 1.
Given the current state of the market, where every change can have a significant impact on the cryptocurrency landscape, Titan of Crypto’s valuation is particularly crucial. For investors In trying to understand the complexity of Bitcoin market behavior, the analyst’s identification of this crucial level and the possibility of a pullback is very telling.
Can bulls restart the BTC rally?
As Bitcoin continues to face volatility, cryptocurrency expert Crypto Jelle has exhorted BTC bulls need to wake up to help the coin regain its upward momentum. Crypto Jelle pointed out that Bitcoin price behavior on weekends is typical and there are hardly any notable movements.
So far, the crypto asset has formed a bullish divergence and prices are trying to stay above $66,300. Consequently, the analyst encouraged the bulls to enter the market and bring BTC back into the range.
Currently, BTC is trading at $65,685, indicating a decline of around 1.16% over the past day. Its trading volume increased by more than 53% in the past day, demonstrating investor confidence despite the recent price decline.
Featured image from iStock, chart from Tradingview.com
