In the wake of the recent downturn in Bitcoin’s value and the broader cryptocurrency market, prominent crypto analyst and enthusiast Titan of Crypto has spotlighted a pivotal value point of $61,500 for the premier cryptocurrency. This price level, according to Titan’s analysis, could be the make-or-break point that shapes Bitcoin’s future fluctuations.
As of today, May 14, Bitcoin has seen a drastic fall, nearing the critical $61,500 mark, with little signs of recovery momentum. For the average observer, this might signal alarming news. Yet for Titan of Crypto, the current bearish trend, while noteworthy, is far from disastrous. Instead, he interprets this development as a significant occurrence that every Bitcoin investor should monitor closely.
Titan doesn’t sugarcoat the uncertainties that surround the crypto coin’s future. He warns of an impending volatility spike possibly around the time of Federal Reserve Chair, Jerome Powell‘s upcoming address. As such, Titan urges the Bitcoin community to refrain from jumping to hasty decisions until the daily Bitcoin candle closes and the subsequent candle validates its precedent.
The cryptocurrency sage’s words of caution state: “Bitcoin $61,500 is the threshold to observe. Anticipate market turbulence around today’s Powell speech. Despite everything, it’s prudent to wait for the BTC daily candle to close and confirmation with the subsequent one before jumping to conclusions.”
Though Titan foresees elements of volatility, he remains confident that Bitcoin’s bull run is far from over. He suggests that an uptick in its value is still a distinct possibility.
According to Titan’s analyses, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has tipped into the overbought zone. Yet, the astute analyst argues that investors should not be perturbed by this development. He refers to historical incidences where Bitcoin took over eight months to peak subsequent to such a development.
Examining Bitcoin’s daily price activity, Titan affirms the digital currency is “looking promising.” Consequently, he sees Bitcoin steadily working its way towards an unprecedented peak of approximately $112,185. In his words, “This game is a zero-sum game whereby impatient individuals hand over their money to those patient enough to wait.”
While Titan shares an optimistic outlook despite the market plunge, another notable crypto expert, Ali Martinez predicts a more cautionary path. He speculates a potential early price deflation, with a possibility of Bitcoin value dropping to $62,000 in the near term.
Based on his analysis, the digital coin’s 200 Exponential Moving Average (EMA) on the 4-hour chart seems to be rebuffing Bitcoin. Coupled with the TD Sequential indicator forecasting a sell signal, Martinez foresees Bitcoin potentially falling to the $62,000 mark.
Yet, for Bitcoin’s value to trend upwards, the cryptocurrency must maintain a 4-hour candlestick close above the $64,000 mark. Currently, with Bitcoin trading slightly below $62,000, Martinez’s prognostication appears to have already materialized.
Currently, Bitcoin stands valued at $61,512, witnessing a minor increase of about 1.98% in the last day. Meanwhile, its trading volume has escalated by roughly 9.67%, while its market cap has dipped by 2.65% in the past 24 hours.
