Bitcoin prices appeared to be split from the consolidated range early in the week, rising to $88,500 on Monday, March 24th. However, the flagship cryptocurrency will return to Ground Zero, returning to around $84,000 on Friday, March 28th.
This recent price adjustment came after the publication of inflation data in the US. Risk assets, including cryptocurrencies, have experienced significant downward pressures to close the week with the latest inflation data suggesting a reduction in delay rates by the US Federal Reserve.
Here’s how BTC prices can fall to $62,000
After popular Crypto analyst Crypto Capo proposes a bearish projection of Bitcoin prices in the latest post on the X platform, the story goes a little harsh against the world’s biggest cryptocurrency. According to Crypto Trader, BTC prices could be heading towards a new low in this cycle.
In an analysis of the BTC 12-hour chart, Crypto Capo highlighted that between $84,000 and $85,000 is crucial for the future trajectory of the best cryptocurrency. Online experts noted that Bitcoin price action could go in one of two ways over the coming weeks.
In the first scenario, Crypto Capo expects Bitcoin prices to enjoy short-lived bullish bursts within the $95,000-100,000 range. Analysts say this initial price rise will be a bull trap for investors. In the context, Bull Trap is a pattern that invites long traders (bulls) to the market due to the initial upward surge.
Appropriately, Crypto Capo predicts that Bitcoin will experience a surrender event in which its value will plummet to its next main support. As you can see in the chart below, this next major support will be within the $62,000-$69,000 bracket, including all-time highs in April and November.
Source: @CryptoCapo_ on XIn an alternative scenario, Crypto Capo highlighted how the first bull trap idea would be invalidated. Traders say if Bitcoin prices are closed normally under the $84,000-$85,000 range, they could fall into a bracket between $62,000 and $69,000.
Bitcoin price at a glance
At the time of this writing, Bitcoin price has circumvented the $83,300 level, reflecting a 3% decline over the last 24 hours. This single amendment event wiped out Premier Coin’s early week profits, with Coingecko’s data showing no significant profit or loss in the past seven days.
The price of BTC slides beneath $84,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured Images Created by Dall-E, TradingView Chart
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