Bitcoin slips below 75000 dollars! What are analysts watching next?

As Bitcoin continues to search for direction in the short term, two notable analysts suggest the price may be approaching a pivotal turning point. However, both warn the market could see one more wave of volatility before any definitive bottom is formed.

Potential for one last pullback in the technical outlook

According to crypto market analyst Ted, Bitcoin may establish another lower high before completing its cyclical bottom and experience one final decline. If this pattern holds, Ted believes the prevailing downtrend could remain intact.

Charts shared by Ted reveal that Bitcoin has fallen below both an ascending trendline and the horizontal support around 75000 dollars on the two day timeframe. The 12 hour chart points to a possible short term recovery, but if this move stalls beneath resistance, the downtrend may persist without disruption.

Ted argues that if this scenario unfolds, a sharp pullback could emerge, potentially marking the formation of the cycle’s bottom. On the other hand, if Bitcoin reclaims resistance and begins forming higher highs, the bearish outlook could start to weaken.

Major long term indicator nears historical bottom

Another crypto analyst, CW, highlights that Bitcoin is approaching a long term support zone that has historically coincided with major market bottoms. The logarithmic regression chart shared by CW shows that price is currently trading near the lower boundary of a long run growth channel.

Mini glossary: The logarithmic regression band is a technical analysis tool used to track the long term growth trend of assets like Bitcoin that exhibit exponential rises over time. It helps identify historical regions where major lows and highs have occurred.

The chart shows that the lows seen during the 2011, 2015, 2018, and 2022 bear markets all formed near or below this channel’s lower boundary. With current price action revisiting the same area, CW interprets this as another potential signal of a historical bottom.

What is the market monitoring?

CW’s chart does not specify an exact timeframe, but the current setup suggests the price is entering an area that historically attracted long term investors. Still, both analysts caution that past performance does not guarantee future results and Bitcoin may remain volatile before a clear bottom is established.

At the moment, two main themes stand out for the market. First, whether Bitcoin will form another lower high in the short run, sparking renewed selling pressure. Second, whether the price will hold above the lower band of the long term regression channel. These two signals are expected to be closely watched by investors in the coming period.

The post Bitcoin slips below 75000 dollars! What are analysts watching next? appeared first on COINTURK NEWS.