Bitcoin, the undisputed leader of cryptocurrency, has been caught between bullish whispers, and bearish shouts. Analysts point out that technical indicators are pointing to a possible price increase, but others caution against potential dangers lurking below the surface.
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Bulls see bullish flags and futures
They are an odd breed. Technical analysts speak a language of patterns and indicators to decipher the mysterious movements of the markets. Some analysts like Gert Van Lagen are cautiously optimistic about the bullish pattern.
$BTC [2D] – The handle of the 3Y+ Cup with Handle itself qualifies as a bullflag targeting $127k.
Price is clearly out and has successfully retested flag support.#BTC The upcoming influx of influx is here next Legs up📈
Setup for invalidation: Close under $60,000. pic.twitter.com/5fDkeubpvT
— Gert van Lagen (@GertvanLagen) June 16, 2024
Bitcoin is consolidating inside a range and a recent increase in price suggests that this pattern could be a sign of a price hike.
Lagen also said BTC has tested support and had success. This would indicate that Bitcoin may start to rise in value and could reach 127,000 dollars within weeks or even months if the information is correct.
Investors in futures contracts seem to be overwhelmingly buying, which is fueling the bullish sentiment. Investors can speculate on future prices of assets using futures contracts. In this case it appears that many people are betting on Bitcoin’s rising price. The price could rise as a result of increased purchases, and attract more buyers.
What is the Worrying trend?
The data on chain, however, tracks the movements of Bitcoin The blockchain reveals an alarming trend. A surge of Bitcoin deposits at exchanges indicates investors move their Bitcoins onto platforms that allow them to be sold easily. It could indicate a selling spree that will put pressure on prices.
Bitcoin Short-Term Analysis
Bitcoin’s future is currently on a very thin line. The technical indicators RSI and CMF which are used to measure investor and momentum strength, have a bearish trend, indicating a further price drop.
If the trend is bearish, some analysts predict that Bitcoin could drop as low as $60.000 in the next few days.
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The bulls can still find a positive. Analysts predict that Bitcoin will initially climb up to $66,650 if it can turn bullish and defy bearish signals. Price movement in the short term will be influenced by a balance of buying pressure and potential selling sprees.
Featured Image from YouTube. Chart by TradingView
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Source: www.newsbtc.com