- Bitcoin has started a critical week on the rise, following a stagnant and narrow range over the weekend.
- Despite the halving in April, which was a significant catalyst for the price, investors have not seen the expected rise and have faced sharp declines.
- FxPro analyst Alex Kuptsikevich claims that a close below $60,000 for Bitcoin in the coming period could trigger panic sales.
Bitcoin begins a crucial week on the rise, but FxPro’s Alex Kuptsikevich warns of potential panic sales if the cryptocurrency closes below $60,000.
Bitcoin’s Critical Week Begins
After a stagnant weekend within a narrow range, Bitcoin has started the week on a high note. However, investors remain cautious as the expected rise following the significant halving event in April has not materialized. Instead, the cryptocurrency market has faced sharp declines.
Analyst Predicts Potential Panic Sales
FxPro analyst Alex Kuptsikevich suggests that recent declines are likely related to miners selling BTC and fears of tighter regulation of cryptocurrencies. He further warns that if Bitcoin closes below $60,000 in the coming period, it could trigger panic sales among investors.
Market Stagnation and Lack of Catalysts
Kuptsikevich also notes that the market has remained stable between $60,000 and $70,000 since March. The halving event in April, which was expected to serve as a catalyst, did not result in the anticipated increase due to a lack of additional catalysts.
Conclusion
In conclusion, while Bitcoin has started a critical week on a positive note, investors should remain cautious. The potential for panic sales exists if the cryptocurrency closes below $60,000 in the near future. However, the main positive scenario, according to Kuptsikevich, would be a rise above $65,000, which would stabilize the BTC price at the 50-day moving average and return the price to the reversal area at the beginning of May.
