Can Bitcoin Drop to $60,000? Analyst Predicts Market Correction Possibility

Bitcoin has faced some challenges in the past week, as the price of this cryptocurrency has not seen significant breakthroughs. Some analysts believe the latest price decline may indicate the possibility of dropping to as low as $60,000 for BTC. Bitcoin's Struggle to Breakthrough Data from CoinMarketCap shows that the price of BTC has seen little volatility in the past seven days, with a modest 2% increase. At the time of writing, Bitcoin is trading at $96,158.09, with a market capitalization exceeding $1.9 trillion. Cryptocurrency analyst Ali has shared a series of interesting predictions on Twitter, one of which is Peter Brandt's prediction that BTC may soon break the expanding triangle pattern, forecasting the price to retreat to the $70,000 area. Where Is Bitcoin Headed? AMBCrypto has analyzed on-chain data of the king coin to determine its likelihood of dropping back to 60,000 dollars once again. According to Glassnode, the market bottom of BTC is above 60,000 dollars. The Pi Cycle Top indicator shows that the potential market bottom for BTC could be $78,000, while the potential market top could be near $132,000. Currently, the price of BTC is in a neutral zone, according to the fear and greed index, indicating that the price of this cryptocurrency could fluctuate in any direction. Ali Martinez has posted a tweet indicating a potential buying signal on the hourly Bitcoin chart, suggesting a price recovery. However, upon closer examination of the daily BTC chart, we see the market's downside advantage, as indicated by the MACD technical indicator. This could lead to a price correction, potentially pushing the price of this currency back up to $60,000 once again. However, the Chaikin Money Flow (CMF) shows a slight increase, indicating increased buying pressure and potential upward trend. Increased buying pressure often signals the possibility of price increase. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)