Analysts say that despite the short-term recovery in Bitcoin (BTC) price, the downtrend has not yet ended and investors should remain cautious.
The Bitcoin market fell below the $106,000 level in the short term after experiencing significant selling pressure during the week. Although the price showed a temporary rebound, market analysts warn that this movement may not be permanent. Renowned cryptocurrency analyst Skew stated on social media that despite the surge in Bitcoin price, the market would remain cautious throughout the weekend. According to Skew, the correlation of BTC price with traditional markets is high, and geopolitical risks may affect price movements.
On the other hand, there are analysts indicating that long-term charts suggest a deeper correction in prices. Markus Thielen, founder of 10x Research, stated that falling below $106,000 represents a failed attempt at a price increase for Bitcoin. Thielen advised investors to wait for safer and more defined levels.
According to Thielen, the $100,000-$101,000 range are important support points to watch in the Bitcoin price. He warned that if this region is broken downwards, the price could enter a period similar to the broad consolidation process experienced last summer.
John Glover, investment director of Bitcoin credit platform Ledn, also stated that BTC is in a correction process after reaching record levels. Glover predicts that the price could pull back to the $88,000-$93,000 range during the possible correction. According to the analyst, these levels could provide an attractive entry point for investors, and after this correction, the Bitcoin price could rise again, targeting the $130,000 levels.
