The price of Bitcoin seemed to be out of integration at the beginning of the week, which was up to $ 88,500 on March 24. However, the flagship cryptocurrency returns to about $ 84,000 on Friday, March 28.
This recent price was made after inflation data was released in the United States. Through the latest inflation data, which suggests delayed interest rates from the US Federal Reserve Board, risk assets, including cryptocurrency, have experienced significant downward pressure on this week’s deadline.
The following is a way that the BTC price can drop to $ 62,000
This story is slightly darker about the world’s largest cryptocurrency after a popular crypto analyst, Crypto Capo, who weakens the Bitcoin price on the latest post on the X platform. According to the Crypto Trader, the price of the BTC can be at this time at this cycle.
Crypto Capo emphasized that in the BTC 12-HOUR chart analysis, $ 84,000-$ 85,000 is pivotal to the future trajectory of Premier Cryptocurrency. Online experts pointed out that bitcoin prices could be one of two ways in the next few weeks.
In the first scenario, Crypto Capo expects Bitcoin to be strong in the short term within the range of $ 95,000- $ 100,000. According to the analyst, the initial price run -up will be a bull ship for investors. In the case of context, the bull ship is a pattern that attracts long traders to the market with the initial upward surge and a fast reversal.
Properly, Crypto Capo predicts that Bitcoin will experience a surrender event that is less valuable for the next major support. As you can see in the chart below, the next main support is in $ 62,000- $ 69,000, which includes the highest price in April and November.
Source: @CryptoCapo_ on XIn an alternative scenario, Crypto Capo emphasized how the first bull trap idea could be invalidated. According to Trader, if the Bitcoin price is successfully terminated under the $ 84,000 -$ 85,000 range, it can fall to $ 62,000 -$ 69,000 brackets.
Bitcoin price at a glance
At the time of this article, the price of Bitcoin is moving to $ 83,300, reflecting a 3% decrease over the last 24 hours. This single correction event has disappeared in the initial profit of Premier Coin without any significant benefits or losses over the last seven days.
The price of BTC slides beneath $84,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Chart of TradingView, the main image created by Dall-E
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