As Bitcoin and the overall cryptocurrency market continues to experience a bearish trend, renowned technical analyst Titan of Crypto has told us to expect more downturn for BTC throughout this month.
At the time of writing, Bitcoin was barely holding onto $57,000. Titan of Crypto doesn’t see a reversal in price action anytime soon. He expects the price to double to $51,600 before the bulls can gain even a modicum of an upper hand.
According to his predictions, if the bulls can take control, then we could see Bitcoin’s price push over $100,000. Recently, Bitcoin closed its monthly candle below the critical $61,300 mark, a level that analysts had been closely monitoring. Latest data from the two-month chart shows a reversal candle, a highly bearish technical signal.
Despite this bearish signal, it’s essential to remember that a single reversal does not necessarily mean it is the end of a bull run, as was pointed out by Titan of Crypto. In fact, historical trends suggest that during bull markets, Bitcoin often retraces to the 38.2% Fibonacci retracement level, a key level known in trading circles as the ‘first stop.’
For Bitcoin, the ‘first stop’ is currently positioned at $51,600. According to the analyst, this price represents a natural correction point that could confirm the ongoing strength of the bull market if it holds. A bounce off this level could reaffirm investor confidence and the continuation of the 2024 bull run.
However, a break below this point will cause a deeper retrenchment or an extended period of consolidation. We might see Bitcoin falling even below $50,000, which is when the bull run would be considered officially reversed. At press time, Bitcoin was worth exactly $57,088.