While Bitcoin is slowly recovering after the correction it has experienced in recent days, the risk of decline still continues. At this point, some analysts think that the decline could go as low as $50,000.
However, some analysts predict that the price recovery will continue and a jump may occur. One of these analysts was John Bollinger, the creator of Bollinger Bands, one of the frequently used technical indicators.
John Bollinger, who thinks positively about the Bitcoin price, pointed out that a two-bar reversal pattern has formed in the lower Bollinger Band.
Arguing that this model formed in a logical place on the Bitcoin chart, the analyst said that there is a possibility that BTC will experience a potential jump.
The analyst said that the emerging pattern and potential bounce could result in BTC testing its ATH of $73,000.
If Bollinger’s prediction comes true and BTC returns to the upward trend again, the Bitcoin price may reach the upper Bollinger Band at $ 72,000 as a result of a potential jump.
Critical Level for Bitcoin is $56,500!
Apart from John Bollinger, Keith Alan, co-founder of Material Indicators, also announced his Bitcoin predictions.
Stating that technical indicators on the BTC daily chart point to an upward trend, Keith Alan predicted that the pressure on the Bitcoin and cryptocurrency markets will increase by the end of the week, as weekly, monthly and quarterly closings occur in a single day.
Stating that Bitcoin has already recovered well after testing below $ 59,000, the analyst said that there is still a possibility that BTC will retest the lowest levels until Sunday, when the triple closing will occur.
However, the analyst stated that if Bitcoin ends June below $ 56,500, we will face the risk of losing the general upward trend, and the trend will not change unless BTC falls below this level.
“There is always a chance that Bitcoin price will retest the lows before Sunday, but as long as the monthly candle closes inside or above the red box (above $56,500), the trend continues.”
Bitcoin continues to trade at $61,222 at the time of writing.
*This is not investment advice.
