The primary cryptocurrency has experienced significant volatility lately, mainly due to the geopolitical tension caused by the war in the Middle East.
One popular analyst described the current price area as a “no-trade zone,” arguing that a clear move in either direction will depend on how BTC reacts to some key breakout levels. Other market observers believe the bear market has yet to shock investors, foreseeing a double-digit price decline from the ongoing valuation.
‘It’s a Waiting Game’
Bitcoin experienced a substantial decline to under $68,000 over the weekend after US President Donald Trump threatened to “obliterate” Iran’s power plants should the Iranian officials keep the Strait of Hormuz closed.
Earlier today, the American leader triggered an evident revival of the entire crypto market after saying that the warring parties had held “constructive” conversations, following which the destruction of the Iranian energy infrastructure was postponed. As a result, BTC briefly soared past $71,000 but lost some ground and currently trades at around $70,600 (per CoinGecko’s data) after Iran denied Trump’s de-escalation claims.
According to Ali Martinez, anything between $65,636 and $70,685 is a “no-trade zone,” describing it as “the most important spot on the chart.” He argued that over 1.7 million BTC were transacted in that range, meaning buyers and sellers “are digging in their heels.” Martinez believes that the next “big move” will come once the price breaks above the upper mark or falls below the lower one.
“For now, it’s a waiting game,” he concluded.
Other analysts, including Crypto Fergani, are more optimistic and think the bear market is almost over. The X user took into account the business cycle, the performance of the US dollar and the precious metals, the recent actions of Trump, the upcoming Chairman of the Federal Reserve, and other factors to predict that “crypto is going to shock everyone.” Crypto GVR is also bullish, setting BTC’s next short-term target at $86,000.
The Big Crash is Looming?
There are those who believe the bear market is nowhere near its end, predicting a meltdown in the near future. X user Chiefy claimed, “We’re only halfway through the bull trap,” and if that pattern holds, BTC could dump to $48,000 sometime this week.
Merlijn The Trader classified $70,000 as “the last line of defense” and forecasted that failing below could result in a major collapse to as low as $26,000. For his part, X user Doctor Proft warned investors that a historic crash worse than the one observed at the start of the COVID-19 pandemic might be on the way. Back then, BTC nosedived by over 50% in a single day.
Those curious to explore additional bearish price predictions can take a look at our article here.
The post Bitcoin (BTC) Stuck in a ‘No Trade Zone:’ When Is the Next Big Move Coming? appeared first on CryptoPotato.
