Bitcoin recently dipped below the $60,000 mark for the first time in a while, struggling to maintain its position. The market had already lost the $70,000 level last week, leading to a noticeable downturn. Data and policies from the US regarding interest rates are believed to have played a significant role in this decline.
BTC Analyst’s Insights
An analyst who had previously made accurate predictions about Bitcoin (BTC) suggested that the bullish run for Bitcoin might be coming to an end, ushering in a period of significant drops. To stay updated on the latest financial and business news, visit COINTURK FINANCE.
Dave the Wave, a respected analyst, shared some important insights with his vast following on X. His remarks hinted at potential turmoil for BTC, mentioning the possibility of a downward price movement that could see BTC retracing to the 0.38 Fibonacci level at $50,000.
The trader emphasized that he was closely monitoring the monthly chart to gain clearer insights into the market’s potential reversal. Since Dave the Wave published a chart, Bitcoin’s monthly decline has become more apparent, with the price remaining below the support level.
BTC Analyst’s 2025 Prediction
In a recent development, the analyst made another noteworthy prediction. Looking beyond short-term price fluctuations, Dave the Wave utilized the logarithmic growth curve (LGC) chart to forecast potential market peaks and lows for Bitcoin in the long term. According to his analysis, Bitcoin could potentially surpass $300,000 by the end of 2025.
At the time of writing, Bitcoin’s price continues to attract buyers at $60,300 following a 5.9% drop in the past 24 hours.
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Disclaimer: The information provided in this article should not be taken as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
