Bitcoin, Warning of $60,000 Collapse..."$90,000 Rosy Outlook is an Illusion"

▲ Bitcoin (BTC), Oil Price Drop/ChatGPT Generated Image

An analysis suggests that Bitcoin (BTC) price has reached a short-term peak and could fall below $60,000 in the future. Although market participants are expecting further rises, it is pointed out that there is a high possibility of a downturn due to technical resistance.

According to a report by the virtual asset specialized media NewsBTC on April 30 (local time), virtual asset analyst Kaz diagnosed that Bitcoin is very close to its local peak. Kaz predicted that Bitcoin would form a peak between $80,000 and $82,000. He particularly warned that there is a high possibility of a peak being formed in the first week of May, after which the price could drop to $56,000.

Kaz analyzed that Bitcoin is facing resistance from the daily fair value gap. He mentioned past instances where a similar rejection occurred around $97,000, leading to a sharp drop in price, even though many investors are predicting a rally above $90,000. Kaz added that the price would show a gradual decline rather than a sudden crash. Kaz stated that he plans to add short positions if Bitcoin clears the $80,000 range.

Virtual asset analyst Colin also expressed the view that Bitcoin has reached the final stage of its relief rally. Colin explained that Bitcoin has entered a strong resistance zone between $80,000 and $86,000. This zone is considered a very difficult area for Bitcoin to maintain upward momentum, as it is where the 200-day moving average and the upper channel resistance overlap.

Colin analyzed that if Bitcoin fails to break the $81,000 resistance, it could correct down to $66,000. Currently, Bitcoin is moving within a yellow channel between $72,000 and $81,000. Colin emphasized that if the lower support level of $72,000 breaks, the downtrend will intensify. Experts believe that a bullish market can only be maintained if Bitcoin breaks through the upper resistance.

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