- Bitcoin price is trading around $61,800 on Wednesday after dropping nearly 18% in the last six days.
- A popular analyst predicts that a monthly candlestick close below $56,000 would be catastrophic for BTC.
- In case, the bearish signal does come, Bitcoin could drop to $45,500 according to the analyst.
Bitcoin (BTC) price faced intense rejection above the 2021 all-time high of $69,000 and is currently failing to gather bullish momentum. On Wednesday, DonAlt, a popular cryptocurrency analyst, hinted that the monthly candlestick close of BTC is significant in identifying where the pioneer crypto will head next.
Bitcoin Price Prediction March 20, 2024:
The weekly chart for Bitcoin price shows that BTC is trading around $61,800 as of Wednesday after crashing nearly 18% in the last six days. DonAlt posted a BTC chart on social media platform X, suggesting a looming bearish outlook for BTC should it close below a key level.
Based on the analyst’s Bitcoin chart, the monthly candlestick has all but retraced the gains and is sitting on the $61,333 to $56,962 support zone. DonAlt says that if BTC produces a monthly candlestick close below the lower limit of the aforementioned zone, it would be “catastrophic” for BTC.
The analyst’s chart further notes that if this bearish outlook comes to pass, Bitcoin price could crash 20% and revisit the $45,500 to $38,440 support zone.
But if Bitcoin price fails produces a monthly close above the previous all-time high of $69,000, the uptrend has a high chance of remaining intact.