The price of Bitcoins seemed to go out of consolidation early this week, rising up to USD 88,500 on Monday, March 24. However, the flagship cryptocurrency seems to return to zero zero, which is about USD 84,000 on Friday, March 28.
This last price correction occurred after the inflation data in the United States was published. In the case of the latest inflation data suggesting delayed rates of rates by the US Federal Reserve, risk assets – including cryptocurrencies – have experienced significant pressure down to close a week.
Here’s how the BTC price may drop to USD 62,000
History becomes a bit gloomy for the world’s largest cryptocurrency after the popular cryptocurrency analyst Capo put out Bears Bitcoin prices in their latest post on platform X. According to cryptographic traders, the price of BTC may be on the way to a recent low level in this cycle.
CRYPTO CAPO emphasized in its analysis of the 12-hour BTC table that 84,000-85,000 USD is crucial for the future trajectory of Prime Minister Cryptowalut. Pundit Online noticed that the Bitcoin price campaign can go to one of the two ways in the next few weeks.
In the first scenario, Crypto Capo expects that Bitcoin will enjoy a short-term stubborn explosion in the range of USD 95,000-100,000. According to the analyst, this initial price period would be a trap for investors. In the context of the Taurus trap, it is a model that attracts long traders (bulls) to the market through an initial upward growth and then a quick reversal.
Capo, accordingly, predicts that Bitcoin will experience the incident of surrender in which its value will fall to the next main support. As you can see in the chart below, another great support lies under 62,000 to 69,000 USD, containing high prices of April and November.
Source: @CryptoCapo_ on X
In the alternative scenario, Crypto Capo emphasized how the first idea of a bull trap can be annulled. According to the trader, if the price of Bitcoins successfully closes below the range of USD 84,000 – USD 85,000, it may drop to $ 62,000 – 69,000.
Bitcoin price at first glance
From this letter, the price of bitcoins increases around the level of USD 83,300, which reflects a 3% decrease in the last 24 hours. This event of a single correction has destroyed the profit from the early week Prime Minister Coin, and the Coingecko data show no significant profit or loss in the last seven days.
The price of BTC slides beneath $84,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
A distinguished picture created by Dall-E, chart from TradingView
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