Experts in tech analysis, like CryptoCon, have voiced concerns about Bitcoin‘s potential decline based on tools such as the Directional Movement Index, which hint at a topping out in Bitcoin’s latest rally. Mounting concern follows a sudden over 10% decrease in Bitcoin’s value, contrasting with CryptoCon’s earlier predictions.
Market Braces for Significant Downturn
A recent slump in Bitcoin’s market value has sparked conjecture over an impending downturn. Market analysts at Swissblock have cautioned investors in a social media update that Bitcoin might be due for a correction phase after its sharp increase the previous month.
At the time of reporting, Bitcoin has seen a 7.35% drop within a day, igniting discussions about Swissblock’s predicted bearish outcome materializing. Swissblock’s analyst and macroeconomist Henrik Zeber identified a troubling divergence between Bitcoin’s peak price at $73,750 and a declining Relative Strength Index. Zeber predicts a possible retreat to the $58,000 to $59,000 range, marking a 20% pullback.
CryptoCon’s Peak Timing Projection
On March 13th, CryptoCon highlighted the possibility that Bitcoin may achieve a local maximum in the ongoing cycle in the forthcoming weeks to a month, or potentially as late as June.
The firm suggests that Bitcoin is poised to hit an initial cycle high near $100,000. CryptoCon foresees a downturn post-peak, with an eventual rally leading to a final zenith at approximately $200,000.