Bitcoin Traders Warn BTC Price Could Still Fall To $62K Or ‘Even Less’
Bitcoin may be seeing “exciting” upside, analysts warn as markets brace for key news events.
In the year In a July 26 X post, popular trader Crypto Ed joins those warning of a Bitcoin (BTC) price rally above $67,000.
Bitcoin bears can still clear a “premeditated” move.
Bitcoin may be up about 2% since the July 25 close, but not everyone believes in short-term BTC price strength.
For Crypto Ed, it is surprising to see a rebound from the previous day's local low of $63,430, which matches the price behavior since the end of last week.
“Going stronger than I expected yesterday, seems a little lackluster,” he summed up.
“I expect corrective turbulence, then another leg down to 62k and possibly lower.”
Despite the post, he acknowledged that the market is still willing to meet the bulls' demand and unwillingness to take a lower-side liquidity.
“This scenario is still possible, but the strength in the current uptrend is that we have already completed leg 2 and are heading to new highs again. I will let PA develop a bit more to see if I am wrong on the low TF,” concluded CryptoEd with his explanatory Elliott Wave chart.
This includes a long-term BTC price target of $80,000, which could further consolidate gains, bringing the market back to current levels.
Speculation continues to rise that US presidential candidate Donald Trump will appear at the Bitcoin 2024 conference in Nashville. Trump has been associated with a tougher view of the crypto market after he publicly announced pro-policy plans for the industry.
Rumors have swirled around Trump that he might create a US strategic stockpile in BTC if elected.
Unit for BTC price test $63,500
Continuing the conservative view, noted analyst Cole Garner noted that the depth of the order book is skewed to the downside.
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“Total spot BTC order book is still weak. Move aside,” he predicted that day.
Trading Resources Material Indicators have given the bulls a critical line in the sand with a lower BTC price target of $63,500.
If the market were to drop to that level, he said, it would invalidate recent signals that have been flashing on both proprietary trading indicators.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
