{"id":455335,"date":"2024-12-28T05:30:58","date_gmt":"2024-12-28T00:00:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=455335"},"modified":"2024-12-27T19:24:47","modified_gmt":"2024-12-27T13:54:47","slug":"will-bitcoin-bears-pull-it-down-to-60k-analyst-shares-signs-of-possible-correction","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-bitcoin-bears-pull-it-down-to-60k-analyst-shares-signs-of-possible-correction\/","title":{"rendered":"Will Bitcoin bears pull it down to $60K? Analyst shares signs of possible correction"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Several crypto analysts are predicting a price drop<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">However, a buy signal flashed on the cryptocurrency&#8217;s chart<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has been struggling over the past week, with the crypto&#8217;s price unable to register a major breakout. In fact, according to some analysts, BTC&#8217;s latest bearish price action could underline the possibility of BTC once again falling to $60k.\u00a0<\/span><\/p>\n<h2>Will Bitcoin bears push BTC to $60k again?<\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC\u2019s price has only moved marginally in the last seven days, with its value climbing only by a modest 2%. At the time of writing, Bitcoin was trading at $96,158.09 with a market capitalization of over $1.9 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In light of the crypto&#8217;s price action, Ali, a popular crypto analyst, shared a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1872271687728963774?t=VjOWa_HQIFZrXBcD-oiwdA&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\">, revealing quite a few intriguing predictions. One of them from<\/span><span style=\"font-weight: 400;\"> Peter Brandt claimed that BTC &#8220;could be about to break down of a broadening triangle,&#8221; projecting a retracement towards the $70,000 zone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Martinez, from an on-chain perspective, a Bitcoin price correction to $70,000 is possible. Especially since below $93,806, it is pretty much open air all the way down to $70,085.<\/span><\/p>\n<h2>Where is BTC heading?<\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto then assessed the king coin\u2019s on-chain data to find out the likelihood of it falling to $60k again. Glassnode\u2019s data revealed that BTC\u2019s market bottom was higher than $60k. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the Pi Cycle Top indicator, BTC\u2019s possible market bottom was at $78k. On the other hand, the king coin\u2019s possible market top could be near $132k, as per the same indicator.\u00a0<\/span><\/p>\n<figure id=\"attachment_455336\" aria-describedby=\"caption-attachment-455336\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator.png\"><img decoding=\"async\" class=\"wp-image-455336 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator.png\" alt=\"BTC pi cyclle top indicator\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/glassnode-studio_pi-cycle-top-indicator-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-455336\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time of writing, BTC\u2019s price was still in the neutral zone, as per the <\/span><a href=\"https:\/\/cfgi.io\/bitcoin-fear-greed-index\/1d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\">. This means that the coin&#8217;s price can move in any direction in the coming days or weeks. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Ali Martinez posted yet another <a href=\"https:\/\/x.com\/ali_charts\/status\/1872246246263714252?t=CvdbDBAihuwqUP3vv6Vc7g&amp;s=19\" target=\"_blank\" rel=\"noopener\">tweet<\/a> suggesting a possible buy signal. The tweet mentioned that the TD Sequential presented a buy signal on the Bitcoin hourly chart, anticipating a price rebound. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, we took a closer look at BTC&#8217;s daily chart. However, the technical indicator MACD flashed a bearish advantage in the market. This can cause a price correction, which can push the coin\u2019s price to $60k again.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2025\u20132026\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Nonetheless, the Chaikin Money Flow (CMF) registered a slight uptick. A rise in the metric indicates a hike buying pressure and a potential uptrend. Whenever buying pressure rises, it hints at a possible price hike.\u00a0<\/span><\/p>\n<figure id=\"attachment_455338\" aria-describedby=\"caption-attachment-455338\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34.png\"><img decoding=\"async\" class=\"wp-image-455338 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34.png\" alt=\"\" width=\"2308\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-1024x646.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-1536x969.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-2048x1292.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSD_2024-12-27_17-26-34-1200x757.png 1200w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-455338\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin might soon face a major correction, but there is hope for a price hike too!<\/p>\n","protected":false},"author":75,"featured_media":455339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-455335","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will Bitcoin bears pull it down to $60K? 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