Shorts approaching a short squeeze do not rule out the possibility of a short-term Bitcoin price fall.Bitcoin (BTC) has just rebounded past $63,000 and has remained stable. However, the recent volatility has sparked concern about the Bitcoin price trend, with some analysts warning of an impending dip. Furthermore, BTC might expand to $60,000. Nevertheless, analysts are also enthusiastic about the long-term prognosis of the crypto.
Will Bitcoin Drop To $60,000?
Michaël van de Poppe, a famous cryptocurrency analyst, feels the Bitcoin price has steadied. However, he anticipates a slight correction in the $60,000 to $61,000 range. Before the previous FOMC meeting, massive selloffs commonly drove the BTC price to its bottom, as he also indicated.
Poppe shed insight on the projected decrease in the Bitcoin price, stating, “Expecting a correction to $60-61K to hold and then a steady continuation within this range.” While some crypto analysts, such as Captain Faibik, predict a parabolic rise for Bitcoin. In a recent post on X, when Bitcoin traded below $60,000, Faibik stated that a rebound above $61,000 could signal a bullish run.
He said, “Bitcoin bulls need to Surpass the $61k Resistance area to confirm an upside Breakout of the Wedge.” However, after breaking over this resistance level, the Bitcoin price should rise above $64,000, indicating a rally to a new all-time high. Faibik predicts BTC will reach $78,000 following a decisive breakthrough.
The Bitcoin RSI currently stands at 49, according to Trading View. This score indicates that the cryptocurrency maintains market balance, neither oversold nor overbought, presenting an excellent opportunity to participate.
Nonetheless, bulls should look out for Bitcoin’s successful breakthrough from the $64,000 barrier for a parabolic run in the long term. Furthermore, Poppe’s analysis indicates that Bitcoin will not fall below $60,000 even if there is a correction, which is a bullish sign.
Bitcoin Price Holds at $63,000.
After a comeback above $63,000, BTC has been sustaining the level. At the time of writing, the Bitcoin price was up 1.06% to $63,704.62 on Sunday, May 5. Meanwhile, BTC trade volume has dropped 39.27% to $19.73 billion in the last 24 hours.
Meanwhile, the crypto held a phenomenal market cap of $1.25 trillion. On the other hand, Bitcoin longs and shorts faced stiff competition in the liquidation area. According to Coinglass data, shorts dominated with $18.32 million in liquidations, while longs contributed $9.67 million.
The short liquidations could cause a short squeeze, propelling the Bitcoin price higher before it falls. However, analysts think BTC would stabilize around the $60,000 mark despite a fall. Currently, BTC is trading sideways.
