Bitcoin’s Fate Hangs in the Balance: What’s Next for the Cryptocurrency?
As Bitcoin continues to fluctuate around the $60,000 level, investors and experts alike are left wondering what’s next for the world’s most prominent cryptocurrency. Will it break through the support level and plummet to $50,000, or will it trend higher and reach new heights?
Bitcoin’s price action
According to Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, the next support level for Bitcoin lies at $50,000. However, if the digital asset should trend higher, its next key level of resistance will be $70,000. DiPasquale emphasized the importance of monitoring the price closely to see whether the support level around $60,000 holds.
Support level around $60,000
Grant Tungate, head of business development for Blockforce Capital, offered a different perspective. Should Bitcoin fall below the $60,000 level, there is a “key support zone” between roughly $55,000 and $58,000. Tungate noted that the 200d moving average is $57.5k, and the May 1st multi-month low is ~$56.5k.
Movin average
William Noble, director of research and content development for Emerging Assets Group, pinpointed different key levels in his technical analysis. According to Noble, Bitcoin is stuck just below an important point at 61.1k. He emphasized that there are a lot of reasons to expect Bitcoin to move through that level, citing that Bitcoin is oversold and there has likely been capitulation selling in other sectors of the crypto market.
Technical analysis
Tim Enneking, managing partner of Psalion, supplied some additional input on this matter. According to Enneking, if $59.6k doesn’t hold, the next support level is at $56.7k. Should that break, the next support level is just over $52k. To the upside, there will be strong resistance around $63k and $67.3k.
Resistance level
“Given the aftermath of prior halving cycles, however, I would expect BTC to be rangebound in the low $60’s and high $50’s for most of Q3,” said Enneking, offering some thoughts on the cryptocurrency’s outlook.
As the cryptocurrency market continues to evolve, one thing is certain - Bitcoin’s fate hangs in the balance. Will it break through the support level and plummet to $50,000, or will it trend higher and reach new heights? Only time will tell.
Bitcoin’s future
