Crypto analyst Thescalpingpro has highlighted a critical juncture for Bitcoin (BTC) as it approaches a new weekly close. According to the analyst’s recent X post, Bitcoin has broken below a key range after 125 days of consolidation, implying that this could result in a significant change in the Bitcoin Market.
Thescalpingpro noted that Bitcoin had been fluctuating between $33,000 and $66,000 for over four months. This extended period of sideways movement has now given way to a breakdown, which could signal the start of a new trend.
The analyst outlines two possible scenarios for Bitcoin’s near-term price action. In a bullish case, if Bitcoin manages to reclaim the $60,000 level by the end of the week, it could invalidate the recent breakdown and potentially push towards $70,000.
Conversely, a bearish scenario would see Bitcoin closing the week below $60,000, potentially leading to a retracement to around $44,233, the previous mid-range level.
The $60,000 threshold has emerged as a critical point of focus. Thescalpingpro suggests that while the current market bias leans slightly bearish with Bitcoin trading below this level, a reclamation of $60,000 could rapidly shift sentiment and drive prices higher.
This analysis aligns with other market observations. For instance, analyst Ali Martinez has stated that Bitcoin needs to reclaim and hold above $61,000 to resume its bullish trend.
At the time of writing, Bitcoin is trading at $56,825 after failing to keep its position above the $57,000 level. The upward weekly closing will determine whether BTC can regain lost ground or head for further corrections downwards.
Also Read: Bitcoin ETFs See $143.1M Inflow as Bitcoin Price Dips
