Bitcoin Price Prediction: Bull Rally to $84k or Bear Crash to $65k – What’s Next?

Bitcoin has found solid support at $66,800, an important level for the crypto community. Even though it couldn’t break past the $70,000 mark, the largest cryptocurrency managed to avoid a bigger drop. The 4% correction that followed is seen as healthy for Bitcoin’s long-term growth.

Let’s take a closer look at the key events happening in the market.

Bitcoin Faces Rejection – What Next?

After a tough battle, Bitcoin moved beyond the $66,000 range and made an attempt to reach $70,000. However, the price faced strong resistance and was pushed back. Now, it’s relying on the $66,800 support level while entering a consolidation phase.

The Relative Strength Index (RSI), which measures market momentum, has fallen to 41.86, showing a slowdown in strength. Bitcoin’s current price of $67,110 is facing resistance from both the 20-day and 50-day moving averages. The next major support lies at the 100-day moving average, which is positioned around $65,000 and serves as a key safety net for buyers.

Traders Take Big Hits

The Moving Average Convergence Divergence (MACD) indicator shows that buyers are losing steam, with the figure dropping to -127 points, signaling a short-term bearish trend.

The recent price volatility has caused over 55,500 traders to lose their positions, with around $117.8 million worth of trades liquidated in the last 24 hours. Bitcoin’s long-to-short ratio has also dropped to 0.94, indicating that while there are still buyers, their numbers are low. Data from Bitcoin’s aggregated order book also confirms a limited presence of active buyers in the market.

Despite the weakening bullish momentum, Bitcoin’s price is holding steady. Data on whale orders shows why Bitcoin couldn’t break through $70,000. As discussed in earlier analyses, this level is packed with sell orders from large investors, creating significant resistance.

Bitcoin Price Predictions

Exhaustion among buyers has resulted in 98% of Bitcoin investors now sitting in profit. The market has also seen a wave of selling from whales holding Bitcoin from the early days of its existence, unloading millions worth of BTC. As the year approaches its end, we may see more price dips if this selling pressure continues.

However, the rise in Bitcoin ETFs could attract new buyers, potentially lifting prices. If more investors enter the market, Bitcoin could break past $72,000 and aim for a new all-time high near $84,000.

Is this a buying opportunity for Bitcoin, or should investors wait for a deeper pullback? Your opinion matters!