• Several crypto analysts are predicting a price drop
• However, a buy signal flashed on the cryptocurrency’s chart

Bitcoin [BTC] has been struggling over the past week, with the crypto’s price unable to register a major breakout. In fact, according to some analysts, BTC’s latest bearish price action could underline the possibility of BTC once again falling to $60k. 

Will Bitcoin bears push BTC to $60k again?

CoinMarketCap’s data revealed that BTC’s price has only moved marginally in the last seven days, with its value climbing only by a modest 2%. At the time of writing, Bitcoin was trading at $96,158.09 with a market capitalization of over $1.9 trillion.

In light of the crypto’s price action, Ali, a popular crypto analyst, shared a tweet, revealing quite a few intriguing predictions. One of them from Peter Brandt claimed that BTC “could be about to break down of a broadening triangle,” projecting a retracement towards the $70,000 zone.

According to Martinez, from an on-chain perspective, a Bitcoin price correction to $70,000 is possible. Especially since below $93,806, it is pretty much open air all the way down to $70,085.

Where is BTC heading?

AMBCrypto then assessed the king coin’s on-chain data to find out the likelihood of it falling to $60k again. Glassnode’s data revealed that BTC’s market bottom was higher than $60k.

As per the Pi Cycle Top indicator, BTC’s possible market bottom was at $78k. On the other hand, the king coin’s possible market top could be near $132k, as per the same indicator. 

At the time of writing, BTC’s price

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Author: Dipayan Mitra