News, Price Analysis

Bitcoin Bulls Eye $70K: Why the Crucial $58K Support Matters?

At a time when the crashing of the price of Bitcoin is creating shocking headlines, a crypto analyst has come up with a positive observation about the future of Bitcoin. The observation is sending a feeling of hope to Bitcoin traders and investors. 

Let’s see what a crypto expert has to say about the future prospects of Bitcoin. Do we really need to worry about the fall of the price of Bitcoin to around $58,000? 

Bitcoin Market Landscape: An Analysis 

At the time of writing this news story, the price of Bitcoin stands at $58,857. The daily chart of Bitcoin shows three consecutive red candlesticks, indicating increasing selling pressure. In the last seven days, the BTC price has seen a fall of around 3.6%. On June 28, the price was around $60,315. Over 14.7% dip has been witnessed in the last 30-days. On June 5, the price was as high as $71,095, which was the peak of that month. In the last 24 hours alone, a fall of 4.5% has been observed. Last day’s closing price was nearly $60,135. Will the price go below the $58,000 mark is the big question now. 

The Future of Bitcoin: Expert’s View 

A crypto expert, identified as Captain Faibik, in a post in X, suggests that if the present support level of $58,000 holds, the price of Bitcoin could bounce back soon. His post indicates that the crypto expert is optimistic about the future of Bitcoin. It concludes with a prediction that the Bitcoin price would reach $70,000 by the end of July. 

Bitcoin Historic Trend Analysis 

In the same month previous year, what we saw was a sideways market. The price was oscillating between $31,470 and $29,150. The one day chart of Bitcoin for the month of July, 2023, shows very small red and green candlesticks, indicating close competition between sellers and buyers.

In short, the observation of the crypto expert about the future of the price of Bitcoin has enough indications that a Bictoin trader will benefit, if he stay patient, showing confidence in the potential recovery of the market. 

Read Also: Why Crypto Market is Down Today? Here Are Top 5 Reasons

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