Crypto News- Recently, the cryptocurrency community witnessed insights from an experienced cryptocurrency trader and analyst known as Lemon, which were shared on X, the platform formerly known as Twitter.
In Lemon’s analysis, they put forth predictions regarding the world’s largest cryptocurrency, Bitcoin (BTC), and foretold a substantial downward movement in its price by the year’s end. Lemon’s analysis suggested that BTC might first close the existing gap around the $32,000 mark, which could be prompted by news related to an exchange-traded fund (ETF), before plunging into what they referred to as an ‘absolute dump’.
Analyst Predicts Bitcoin (BTC) May Surge to 32,000 Dollars Before a Significant Correction
It’s important to note that Bitcoin had been the center of attention, ranking as the most trending cryptocurrency on CoinMarketCap at the time. BTC was trading above the psychologically significant $30,000 threshold, adding to the intrigue of the analysis.
In the 24 hours leading up to the analysis, Bitcoin had displayed a noteworthy gain of 1.43%, contributing to a weekly performance that had turned notably positive, standing at +11.63%. During the prior trading session, BTC surged to a peak price of $30,104.09, albeit it subsequently retraced from this peak. Nonetheless, the cryptocurrency continued to trade closer to its 24-hour high than its low, with the low point marked at $29,203.13.
The potential scenario of Bitcoin closing the current trading day above $30,000 raised hopes of further upward movement, possibly reaching $31,400 in the coming week. However, a bearish sentiment could set in if the daily candle closed below $30,000, possibly leading to a retest of the $29,210 support level in the days ahead.
A more bearish outcome could unfold if sustained selling pressure persists, possibly pushing Bitcoin’s price down to as low as $27,915 in the short term. Traders and investors were advised to monitor these price levels closely.