Experts Divided : Is Bitcoin on the verge of collapsing or spectacularly rebounding ?

The fluctuations are being scrutinized more and more in the crypto market. Bitcoin, after falling below the $58,000 mark, must now prove its resilience to avoid a potentially dangerous trend break. Will Bitcoin be able to maintain its upward trajectory ? Or are we on the brink of a more severe correction ?

Bitcoin at a tipping point after a fall below $58,000

The Bitcoin price experienced a notable decline, falling below the psychological threshold of $58,000. According to Matthew HYLAND, a recognized crypto analyst, this drop could be a negative signal. “We really need to start bouncing back and create a higher high to confirm that we remain in this uptrend that we have seen since August,” he said. He insists that the Bitcoin price must stay above $57,700. Below this threshold, a move below $56,000 could mark a “lower low,” which would question the current uptrend.

Bitcoin has been alternating between higher lows and higher highs since the beginning of August. As of the writing of this article, it stagnates around $58,000, after a small drop touching $57,925.

Dissenting voices and contradictory forecasts

Many analysts share HYLAND’s cautious optimism. However, others have reservations about Bitcoin’s ability to maintain its bullish momentum without a significant pullback. Markus THIELEN, head of research at 10x Research, suggested a more conservative approach. According to him, investors should wait for Bitcoin’s price to fall to $40,000 to ideally enter the bullish market. This opinion sharply diverges from HYLAND’s.

In parallel, trader Jelle offers a different perspective on Bitcoin’s longer-term trajectory. On a long-term multi-channel view, he posits that Bitcoin could still aim for the six-figure mark in the near future. For him, crypto is still on track to reach this ambitious target by the end of the year. This viewpoint is reinforced by his analysis of the “cup & handle” pattern, which he believes foreshadows a significant rise.

Opinions differ on whether we will see a continuation of the uptrend or a deeper correction. Let’s hope that the long-awaited rally is not far off and that Bitcoin will experience a new ascent.