CryptoCon analysts warn of Bitcoin’s initial peak indicators. Market panic ensues after a 10% price decline. Swissblock predicts a 20% correction to the $58k-$59k range.
Tech experts like CryptoCon have raised concerns by pointing out indicators such as the Directional Movement Index (DMI), indicating that Bitcoin (BTC) may have reached its first local peak in the current cycle. Market panic intensified as various interpretations emerged following Bitcoin’s over 10% drop in the last 24 hours, contradicting CryptoCon’s prediction.
Bitcoin Faces Speculation of Impending Correction
The recent decline in Bitcoin’s price has sparked speculation about an upcoming correction. Analysts at Swissblock have issued warnings to investors, suggesting that Bitcoin could enter a cooling period following its rapid surge last month.
At the time of writing, Bitcoin has experienced a 7.35% decrease in the last 24 hours, fueling discussions that Swissblock analysts’ bearish predictions might be materializing.
Swissblock analyst and macro-economist Henrik Zeber has highlighted a negative divergence between Bitcoin’s price, which recently hit an all-time high of $73,750, and the weakening Relative Strength Index (RSI). This divergence suggests a potential price decline, with Swissblock anticipating a correction to approximately $58,000 to $59,000, representing a 20% retracement from current levels.
CryptoCon’s Analysis on Bitcoin’s Cycle Peaks
In its analysis on March 13th, CryptoCon brought attention to the possibility of the current Bitcoin cycle reaching a local peak within the next two weeks to a month, or potentially extending until June.
According to CryptoCon’s analysis, Bitcoin (BTC) is projected to hit its first local peak in the current cycle at approximately $100,000. The analyst expects a downturn to follow this initial peak, with a subsequent rise to a second and final peak around $200,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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