Bitcoin Price Prediction: Deeper Drops to $60K Levels on Cards Amid Looming Concerns About ‘Death Cross’
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The analyst of Crypto Banter’s Kyle Doops Show is currently leaning towards a 65% to 70% bullish bias for Bitcoin, indicating confidence in the market continuing upward. The immediate focus is on breaking the month’s high at $72,000. If bulls achieve this, it could signal further upward momentum.
Critical 5-Day Candle Close
The analyst said we have about 16 hours and 56 minutes left until the current 5-day candle closes on Bitcoin’s chart. These candles are crucial because Bitcoin has been trying for 55 days to break above $69,615 without success. This creates a tense situation where low volatility could soon lead to a big move—either a strong rise or a sharp drop, possibly down to $60,000. If this candle closes above $69,000, it’s very bullish. If not, we might see a deeper drop.
Low Volatility and Potential Swings
Volatility is currently very low at 2.43%, which usually happens before big price swings. In past corrections, prices surged when volatility hit near 10%. Bitcoin has been correcting for 91 days, the longest in this Bull Run. If it doesn’t recover soon, the correction might continue into Q3.
Current Price Levels and Technical Concerns
According to Elliott Wave theory, Bitcoin is in Wave 4, likely around $56,000. Confirmation of Wave 4 ending would be a close above the high of Wave 3, signaling the start of Wave 5, which typically starts with low volatility before a big upward move. Wave 5 is when things get exciting, especially for altcoins. There could be multiple Wave 5 cycles within the overall bull market, offering chances to buy low.
Bearish Signals and Support Levels
Right now, Bitcoin is stuck around the mid-range level of $67,500. If it breaks above $73,000, that’s bullish. If it can’t hold above $69,000, we might see more short-term trading within this range, potentially down to around $63,000.
There’s a concern about a “death cross” forming, indicating potential bearish pressure unless Bitcoin can reclaim key levels. If support breaks, the next significant bounce level is around $63,000 to $64,500.