Bitcoin price prediction: BTC bounce to $71K possible IF…

A Bitcoin bounce was underway, but market participants should not expect a trend reversal, though a bounce up to $71.2k was technically possible.

After the sell-off up to Friday, the 5th of June, the initiative appeared to return to the buyers. Crypto analyst Axel Adler noted that the net taker volume saw an uptick over the weekend that helped push prices up toward $64k.

Yet, like the brief period of buying after the sell-off on the 24th of May, the current price bounce need not extend significantly higher.

Bitcoin price prediction based on price action

The 4-hour chart showed a firmly bearish structure in place. The current bounce has not reached any of the key Fibonacci retracement levels, such as $66.8k or $71.2k.

Sellers were moving their holdings at a loss, and sentiment remained extremely bearish. A Bitcoin bounce beyond $70k does not appear likely right now, but it is a possibility traders have to be prepared for.

The more likely scenario is a bearish continuation from the overhead supply zone at $65k-$66k.

Final Summary

💥 The Bitcoin net taker flow jumped into positive territory over the weekend, but it might not be enough to reverse the pessimistic Bitcoin mood.

💥 The 4-hour chart indicated a possible price bounce as high as $71.2k, but the overarching trend remained firmly bearish, and a bounce would not signal a trend reversal.