The top cryptocurrency Bitcoin has been showing a gradual downtrend in recent days. This scenario has paved the way for both types of speculations, with analysts explaining the possible outcomes in the positive and negative price performance. Recently, a popular analyst “Ali” revealed this situation in a recent post on the social media platform X.
If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
Crypto Analyst Offers a Couple of Potential Scenarios about Bitcoin
The analyst noted that Bitcoin has the potential to reclaim the spot of up to $64,290 as a support level. In addition to this, the analyst also mentioned that the largest crypto asset can even go beyond that point. As per the analyst, the token can even move forward to $76,610 in terms of its price. However, he also discussed the contrary scenario.
In that case, the crypto token can even see a further price slump in the coming days. In this respect, the analyst revealed that the token also has the chance of retesting support level at nearly $51,970. Apart from that, several other market onlookers consider the present price decline as an opportunity that the investors can avail.
The Top Crypto May Reach $72K, The Analysts Speculate
Hence, investors can buy this dip to make huge profits in the future as BTC potentially moves toward a massive price rise. According to some, the present downtrend of Bitcoin is slowly pushing the token toward regaining strength. As a result of this, the token can reach as high as 18% in value to touch the $72,000 spot. Remember that there will be over $5B short liquidations if we hit that predicted number.