BTC Traders: $70K Drop or Quick Rebound to $150K?
Bitcoin traders split between $70K crash and BTC price rebound within days
Bitcoin price expectations significantly diverged as the week drew to a close, with ambitious $150,000 targets clashing against predictions of a sharp decline to levels unseen for more than a year.
Bitcoin market participants hold contrasting opinions regarding the short-term trajectory of BTC price action, as the cryptocurrency remains confined below the $90,000 mark.
Six-figure price projections for Bitcoin stand in stark opposition to preparations for a potential retreat back to the $70,000 zone.
Analyses point to factors like substantial inflows on Binance as key reasons for heightened concern among observers.
Trader: Bitcoin bullish breakout in “next few days”
Data from market trackers indicated limited fluctuations within a clearly defined weekend trading range for the BTC/USD pair.
The trading pair has been oscillating within a $5,000 range for eight consecutive days, and members of the trading community are anticipating an imminent breakout.
“$BTC relief rally could happen soon,” noted crypto analyst and entrepreneur Ted Pillows in his recent analysis shared on X.
“A pump towards the $98,000-$100,000 level before the next leg down.”
A supporting weekly chart highlighted bearish divergences in the relative strength index (RSI) currently versus those observed in 2021, marking the conclusion of Bitcoin’s previous bull market phase.
Pillows emphasized that sustained buyer momentum is essential to prevent the 100-week exponential moving average (EMA) from dipping below its simple moving average (SMA) counterpart.
“The last 2 instances caused a 40%-50% $BTC crash within 4-6 weeks,” he cautioned.
Trader Captain Faibik joined others in confidently forecasting a swift transition to bullish momentum.
“In next few days, Bitcoin will breakout & then everyone will rush in with FOMO entries which won’t be beneficial,” he predicted, declaring the ongoing BTC price correction as fully resolved.
Trading account Korinek_Trades anticipates new all-time highs on the horizon, potentially following an initial macro trough.
“We should still see another higher high for blue W5 up to ATH complete a 5 wave structure,” an X post explained, employing Elliott Wave theory to outline Bitcoin’s forthcoming trajectory.
“Projecting upside targets to 150K.”
Back to $70,000 BTC?
On the bearish side, onchain analytics platform CryptoQuant identified a potential revisit to previous highs near $70,000.
Bitcoin continues to exhibit fragility, vulnerable to a decline toward regions exhibiting robust buyer accumulation.
“The next major downside target lies at the high-demand zone between $70,000 and $72,000, where stronger buyer interest is expected to emerge,” wrote contributor CryptoOnchain in a Quicktake blog post.
CryptoOnchain further highlighted escalating BTC deposits to Binance as a catalyst for anticipated downward price momentum.
“The combination of a technical breakdown below the $90K level and the injection of $1.4B worth of BTC into Binance significantly increases the probability of a corrective move toward the $70K–72K demand zone,” the analysis concluded.
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