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Bitcoin dips below $63k level but analyst says Bitcoin set for 70% upside

Bitcoin dips below $63k level but analyst says Bitcoin set for 70% upside 5

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $63,831. The trade price of Bitcoin crashed rapidly in the last 6 hours. 

Today Bitcoin hit its lowest price of $63,617 & highest price of $66,313. That means a 4%+ correction in the Bitcoin trade price within 24 hours. Some experts believe that more crashes are coming because no bull factors are supporting the current bull phase for this market.

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Amid this bearish market conditions, technical analysis points to potential upside opportunities. 

On June 21, crypto trading expert TradingShot shared an analysis on TradingView, highlighting a significant cup and handle (C&H) pattern on Bitcoin’s one-week time frame chart. This pattern, which started forming during the previous bull cycle’s peak, is known for signalling bullish continuations and potential price increases.

Despite its significance, the cup and handle pattern is frequently overlooked by traders who concentrate on short-term trends. According to TradingShot, Bitcoin is currently in the handle phase, characterised by a downward channel, suggesting a potential bullish breakout in the future.

Bitcoin sell pressure 

Currently, no bullish factors are positively impacting the market, while Bitcoin traders have noted that the German government has been selling large amounts of Bitcoin.

The German government, through a wallet labelled by crypto tracking platform Arkham, moved 6,500 BTC on June 19 from a stash of nearly 50,000 BTC seized from the Movie2k operation. This sparked speculation about a potential sale. The moved BTC was partially transferred to exchanges Kraken and Bitstamp, with the government wallet now holding 43,359 BTC. While some believe this indicates an ongoing sell-off, not all transferred funds have been liquidated.

Read also: Australian Man Sentenced to Prison for $670,000 Cyber-Enabled Identity Theft After International Investigation

Bitcoin dips below $63k level but analyst says Bitcoin set for 70% upside



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