A drop in Bitcoin’s price below $60,000 could trigger panic selling, according to trader Alex Kuptsikevich from FxPro.
The expert believes that a breakthrough above $65,000 would signal the restoration of bullish sentiment in the market.
Analysts warn about the potential impact of speculative behavior on the market.
In the past, short-term investors made profits, but were then followed by a significant price drop in Bitcoin.
Experts note the possibility of a price dip in the current cycle as well, but point to institutional demand and improved macroeconomic conditions.
Bitfinex forecasts Bitcoin to trade sideways in May, followed by further growth, while Standard Chartered confirms a target of $150,000 by the end of the year and $200,000 by the end of 2025.