Analysis: Bitcoin’s Uptrend May End Early, Target Price Could Fall to $95,000
According to ChainCatcher, citing a report from Cointelegraph, Bitcoin’s upward trend faces the risk of ending prematurely, with the market now anticipating its target price could fall below $95,000. Traders such as ZAYK Charts warned in their latest market analysis released on Tuesday that Bitcoin is currently in the “distribution phase.”
ZAYK Charts believes that Bitcoin could retreat to $95,000, a level it has not touched since early May. Previously, Bitcoin experienced a classic “mark-up” phase, rebounding from long-term lows, but has now entered the “distribution” phase, which typically signals a reversal of the uptrend.
Since last November, the $92,000 to $95,000 range has played a significant role in Bitcoin’s price movement, serving both as a support and resistance level, and has been accompanied by intense market volatility.
Trader Mikybull Crypto expressed concern over Bitcoin’s pullback after breaking above $122,000 this week, describing the move as “ugly,” and noted that Bitcoin has re-entered its previous consolidation range, while altcoins have become the main beneficiaries.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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