In the midst of the recent decline in Bitcoin’s price and the general cryptocurrency market, popular cryptocurrency analyst and enthusiast Titan of Crypto has highlighted the $61,500 price level as a crucial threshold to watch for the largest cryptocurrency. Titan of Crypto analysis examines the aforementioned level as a pivotal point for Bitcoin that could determine the coin’s next price trajectory. Today, May 14, BTC witnessed a sharp decline to nearly $61,500, demonstrating little momentum for a price recovery. While many would see this as a worrying development, Titan of Crypto considers it a noteworthy development.
Titan of Crypto warns of an impending volatility in the market around Federal Reserve Chair Jerome Powell’s speech later today. Thus, Titan of Crypto has urged the community to remember that it’s better to hold off on making decisions until after the BTC daily candle closes and until the next one confirms the previous one. The expert anticipates volatility for Bitcoin but is confident that the cryptocurrency’s bull run is far from over, suggesting a movement on the upside is still possible.
According to Titan of Crypto, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has recently moved into the overbought area. However, the analyst asserts that this does not call for alarm, given that Bitcoin took over eight months to peak following the development based on previous bull cycles. Looking at Bitcoin’s price action from the daily timeframe, the expert confirms that the digital asset is “looking good.” As a result, BTC is following the bullish target to unprecedented heights, specifically around $112,185.
While Titan of Crypto anticipates a rally, Ali Martinez, another crypto expert, has predicted an early price retracement. Martinez highlighted the possibility for BTC to decline to $62,000 in the short term. According to the analyst, the 4-hour chart’s 200 Exponential Moving Average (EMA) appears to be rejecting Bitcoin, whereas the TD Sequential indicator suggests a sell signal. Should the development be confirmed, Martinez expects BTC to drop to $62,000. However, for BTC to witness an upward movement, it needs to maintain a 4-hour candlestick close above the $64,000 threshold. With the coin trading below the $62,000 level, Martinez’s prediction appears to have already manifested.
At the time of writing, the coin was trading at $61,512, indicating about a 1.98% decrease in the past day. Its trading volume was up by 9.67%, while its market cap was down by 2.65% in the last 24 hours. The conflicting predictions from experts like Titan of Crypto and Ali Martinez show the uncertainty surrounding Bitcoin’s price movements in the coming days. Investors and traders are advised to carefully monitor the market and make informed decisions based on expert analysis and technical indicators.