Bitcoins Path to Recovery: Experts Set New Targets After Testing $76,600

The price of the first cryptocurrency may retest the lows around $76,600 before resuming its upward trajectory, according to analyst and MN Trading founder Michaël van de Poppe.

The bearish sentiment is echoed by the Stockmoney Lizards analyst, who pointed out that Bitcoin has «absorbed a lot of liquidity.» In his view, the price of digital gold is likely to find a local bottom within the $80,000 to $82,000 range.

According to Cointelegraph, a «bearish wedge» pattern has emerged, suggesting a potential drop to $62,000, which is approximately 25% below the current level.

Adding to the negative outlook is the relative strength index (RSI), which remains below the midline, along with price action settling beneath the 200-day moving average. Similarly, tech analyst Peter Brandt has identified a comparable pattern, predicting a price decline to $65,635.

It’s worth noting that a user known as Cyclop has forecasted that Bitcoin could rise to $150,000 by the end of the year, albeit with a risk of a further retracement of around 30%.

CryptoQuant has pointed out concerning signals for the asset across four different indicators. A verified author from the firm confirmed that the MVRV indicator does not yet indicate that prices have reached a bottom.

Furthermore, experts surveyed by Bloomberg have suggested the possibility of a «bull trap» in the recent rebound of digital gold’s price.