Bitcoin Faces Bearish Pullback, But Long-Term Potential Remains Strong After CoinEdition

• Crypto analysts predict a bearish pullback in the cryptocurrency market, focusing on Bitcoin’s levels.
• Bitcoin’s resistance is at $28.9k, while support is at $28k; breakdown can reach $25.2k, and a breakout can reach $37.7k.
• Despite a short-term bearish outlook, analysts remain bullish on Bitcoin’s long-term potential and breakout resistance level of $35k.

In the latest market round from crypto analysts CryptoDonAlt and CryptoCred, the mood was gloomy as both experts predicted a bearish decline in the cryptocurrency market.

Source: Tradingview

The focus was primarily on Bitcoin, with the experts providing key resistance and support levels for the popular cryptocurrency. According to their analysis, Bitcoin’s current resistance is at $28.9k, while the support level is at $28k.

However, the experts warned that if Bitcoin breaks down from the support level, it could reach a target of $25.2k, a significant decline from the current price. On the other hand, if Bitcoin manages to break out from the resistance level, the target price could reach as high as $37.7k.

Also, many experts believe that the current market conditions may allow investors to enter the market at a more favorable price point. Therefore, it is important to conduct thorough research and exercise caution when investing in cryptocurrency.

The current market round of CryptoDonAlt and CryptoCred provides valuable insight for those interested in the cryptocurrency market. Although the short-term outlook may be bearish, the long-term potential of cryptocurrency remains significant. Therefore, investors should be vigilant and stay informed to make informed decisions.

In addition to the aforementioned resistance and support levels, the analysts also highlighted the significance of the monthly close for Bitcoin. The current monthly close is $28,500, which is important to watch for potential price movements.

The analysts also identified a breakout resistance level for Bitcoin at $35k, which could be a significant price target if Bitcoin breaks out from its current resistance level. Furthermore, they gave a positive outlook for the next six months, saying they expect Bitcoin’s price to remain above the $23k level. This suggests that while there may be short-term volatility, the overall trend for Bitcoin may be upward in the medium term.

Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

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The post Bitcoin Faces Bearish Pullback, but Long-term Potential Remains Strong appeared first on Coin Edition.

See the original at CoinEdition