Bitcoin[BTC] has been experiencing some price fluctuations recently, with different analysts projecting various scenarios for its future movements. Peter Brandt suggested a possible short-term correction of BTC to $76K, while Coinbase analysts and others were more optimistic about an extended rebound, citing renewed accumulation in the market.
Following a 6% rally last week that briefly saw BTC reclaim $85K, the cryptocurrency’s price direction has left both bullish and bearish traders uncertain. Brandt pointed out that the recent uptrend in BTC appeared to be more corrective than impulsive, potentially setting the stage for a corrective phase that could bring the price down to $76K. This view was supported by a bearish rising wedge pattern on the 4-hour chart.
However, not all analysts shared Brandt’s bearish sentiment. Coinbase analysts viewed the current BTC price as ‘fair’ and deemed it a buying opportunity, especially with renewed interest from long-term holders (LTH) in the market. The shift in sentiment among LTH, who had been key sellers since BTC surged above $100K in late December, could have implications for BTC’s price recovery in the near future.
Other analysts, such as Stockmoney Lizards and Michael van de Poppe, also expressed positive views on BTC’s potential for upward movement. Stockmoney Lizards highlighted similarities between the current price action and last year’s accumulation phase, suggesting that a decisive move above $85K could signal the beginning of the next leg up. Van de Poppe noted that a bullish RSI divergence could strengthen BTC’s position, potentially leading to a surge higher if it holds above $80K.
Short-term price levels to watch for BTC include $86K, $84K, and $82.7K, according to Coinglass’ liquidation heatmap on the 48-hour chart. These levels are seen as key liquidity pools that may act as price magnets, influencing BTC’s price movements in the near future. Overall, the market remains divided on BTC’s next move, with some analysts predicting a correction to $76K while others see room for a continued rebound driven by renewed accumulation and positive technical indicators.
