Bitcoin Could Dump 20% to $58,000 and Here is Why

Bitcoin has nearly doubled in price since late January, but analysts say a pullback of up to 20% may be coming after the massive rally.
Though a drop in the near term is likely, analysts remain confident in Bitcoin’s long-term uptrend resuming after any counter move.
Despite the potential for a price drop soon, analysts still have a bullish long-term outlook for Bitcoin based on the huge gains seen so far in 2023.

Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.

Bitcoin Price Action

Bitcoin was trading around $23,600 at press time and is up about 5% over the past week. The cryptocurrency has gained 97% year-to-date.

The recent price action represents a “massive rally” from Bitcoin’s lows. However, analysts think a pullback may be in the cards.

“Bitcoin nearly doubled in price since late January, but a ‘counter move seems to be near,’ Swissblock analysts said,” according to the report.

ICYMI: #Bitcoin will likely dump to $58,000-$59,000 in its next move, reports analytics firm Swissblock

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Potential For Price Drop

Swissblock analysts believe Bitcoin could see a drop of up to 20% in the near term.

“Bitcoin could see a drop of up to 20% in the near term,” the analysts said. However, they believe the long-term uptrend will resume even if a pullback occurs.

“However, they believe the long-term uptrend will resume even if a pullback occurs,” the report noted.

Long-Term Outlook

The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts.

“The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts,” the report said.

Bitcoin’s rally from its recent lows has been massive. And while a counter move could be coming, analysts remain confident about crypto’s prospects over the longer term.

Conclusion

Bitcoin has seen huge gains in 2023 so far. But after such a substantial rally, analysts say a pullback is likely. A drop of up to 20% could occur in the near term. However, analysts still see upside for Bitcoin over the longer term. Even if a counter move emerges, they expect the uptrend to resume.

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