Bitcoin’s (BTC) price continues fluctuating within the $58,000 to $61,000 price range following its recovery from the ‘Black Monday’ crash. However, analysts remain unsure about the next step for the flagship cryptocurrency.
Some market watchers suggest the key levels BTC must break to continue the bullish run, while others highlight signals that could indicate a timeline for the next leg up.
On August 5, the crypto market experienced a massive crash that shredded over 20% of most cryptocurrencies’ gains. Bitcoin led the market with a 22% decline from its monthly opening (MO) of $63,000.
Many investors feared that the bears had taken control and that the bullish rally was officially over. Since then, the largest cryptocurrency by market capitalization has hovered between the $58,000-$61,000 price range, currently trading above the $59,000 mark.
The recent price action has left some crypto analysts unsure about BTC’s next move. According to Altcoin Sherpa, Bitcoin has shown “lots of conflicting signals” lately and is “pretty neutral in the short-term.”
To the analyst, BTC’s 200 EMA (Exponential Moving Average) in the 4-hour timeframe is “acting as a stopping point.” Still, the chart looks like the cryptocurrency will return to the $56,000 to $58,000 support area.
Sherpa considers that for a price surge, Bitcoin needs to reclaim the $62,000 resistance zone in the coming days. A break above this level could kickstart a rally toward the $70,000 level, not seen since June.
Crypto trader Byzantine General described the recent performance as a “weird spot where it looks like it’s gonna nuke the entire time, but it just doesn’t.” He suggested that when BTC exits this “mini range,” investors will see an “explosive move” either way.
Some market watchers pointed out a few indicators that could suggest the flagship cryptocurrency is near a price explosion. Rekt Capital highlighted that Bitcoin retested the support at the Descending Channel bottom earlier this week.
To the analyst, the token has reclaimed the channel as it is still successfully retesting the $58,000 mark. Additionally, he considers that continued price stability at this level would benefit BTC’s “future trend continuation to the upside.”
Crypto investor Ted Pillows shared on X that Bitcoin’s Fair Value Gap (FVG) has been filled. Per the investor, this happened in the 2020 top during the COVID-19 crash and led to a strong bounce back. Following the FVG fill, BTC’s price took eight weeks to recover from the 2020 crash.
Based on it, Ted believes Bitcoin could trade above $70,000 again by the end of September if history repeats itself. Similarly, crypto investor Elja forecasted that BTC might experience a big breakout in the next two months.
The investor explained that the flagship cryptocurrency has historically consolidated for approximately 170 days post-Halving. This suggests that Bitcoin has around 35-40 days of consolidation before breakout. As of this writing, BTC is trading at $59,730, a 1.4% surge in the last 24 hours.
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