Bitcoin, Warning of $60,000 Collapse..."$90,000 Rosy Outlook is an Illusion"

▲ Bitcoin (BTC), Oil Price Drop / ChatGPT Generated Image

An analysis has emerged suggesting that the price of Bitcoin (Bitcoin, BTC) has reached a short-term peak and could fall below $60,000 in the future. While market participants expect further increases, it is pointed out that there is a high possibility of a downtrend due to technical resistance.

According to a report by the virtual asset specialized media NewsBTC on April 30 (local time), virtual asset analyst Kaz diagnosed that Bitcoin is very close to its local peak. Kaz predicted that Bitcoin would form a peak between $80,000 and $82,000. He specifically warned that there is a high possibility of a peak forming in the first week of May, after which the price could drop to $56,000.

Kaz analyzed that Bitcoin is facing resistance in the daily fair value gap. Many investors are predicting a rally above $90,000, but he cited past instances where similar rejection occurred around $97,000, leading to a sharp drop in price. Kaz added that the price would show a gradual decline rather than a sudden crash. Kaz stated that he plans to add short positions if Bitcoin clears the $80,000 range.

Virtual asset analyst Colin also expressed the view that Bitcoin is currently nearing the end of its relief rally. Colin explained that Bitcoin has entered a strong resistance zone between $80,000 and $86,000. This zone is where the 200-day moving average and the upper channel resistance overlap, making it a very difficult area for Bitcoin to maintain its upward momentum.

Colin analyzed that if Bitcoin fails to overcome the $81,000 resistance level, it could correct down to $66,000. Currently, Bitcoin is moving within a yellow channel between $72,000 and $81,000. Colin emphasized that if the lower support level of $72,000 breaks, the downtrend will intensify. Experts believe that a bullish market can only be maintained if Bitcoin breaks through the upper resistance.

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