The violent market mayhem and volatility pangs have lately been shaking up the cryptocurrency market. Bitcoin crashing is now a regular phenomenon as its price continues to debilitate, with the asset having a hard time stabilizing its prices. Bitcoin is now sitting at $78K, after dropping below $75K. Amid all this, one analyst has presented a ride-or-die scenario, claiming that BTC may either end up hitting $200K or drop below $63K. Here are more details.
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Bitcoin Plunging Lines: $62K On Line?
The recent spree of Bitcoin crashing is sending the market into a tizzy. The markets are currently busy navigating their assets into safe havens, which have also plunged greatly, as the crash wiped trillions of dollars out of the market. However, amid all the market chaos, Bitcoin crashing news has come to a halt as Egrag Crypto warns of a two-way Bitcoin move. The expert took to X to share details, adding how Bitcoin’s EMA is currently at 21, “still sloping upward.” The expert later shared the $62K price analysis, adding how the ongoing volatility may continue to push Bitcoin, which may end up exploring the $62K price mark.
“Right now…price is compressing below the 21 EMA, not breaking it, and we still have 1 day and 16 hours for the body candle to close below 21 since October 2023. The 21 EMA is still sloping upward. Structure remains inside the rising macro channel. That’s bull-market digestion, not a bear market as low as $62K, a normal retest in a MACRO uptrend. $62K scenario. Possible as a volatility reset. Likely a wick or brief consolidation. Still within normal bull-market behavior. Only bearish if #BTC closes below it on monthly closes.”
The $200K Hike?
Amid the juggling views, Egrag Crypto warned of another leading prediction, claiming how Bitcoin may end up hitting $200K and above if the volatility comes under control. Explaining the narrative further, Egrag Crypto shared how the BTC price chart is still showing upper channel projections, aligning with the price structure of $170K and above.
“$200K scenario. Macrostructure still favors expansion. No parabolic blow-off yet. Upper-channel projections align with $145K–$175K, with $200K as the natural extension.”
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