Bitcoin (BTC) Price Analysis and Prediction: Can BTC Reclaim the $60k Level as a Strong Support?

We've been witnessing downward wicks over the past few weeks, including last week, but now we're seeing solid candle formations

Several analysts have noted the decreasing candle wicks over the past few weeks, indicating a potential shift in momentum.

Analyst and investor Davinci Jeremie observed that Bitcoin's four-year pattern, evident for 14 years, showed signs of deviation in March 2024, as indicated by the price movements. A similar occurrence was noted in November 2022, when Bitcoin's price dropped below its previous all-time high, marking a significant shift. However, during this period, Bitcoin experienced a run-up to new all-time highs in February and March, just before the halving event.

Looking ahead to 2025, the analyst expressed cautious optimism regarding Bitcoin's price, suggesting a potential maximum price around $100K. He also highlighted the possibility of market manipulation, pointing to issues such as the Consumer Price Index (CPI) adjustments and geopolitical tensions impacting sentiment.

Meanwhile, analyst Rekt Capital noted, "Not only is BTC rejecting from the Daily resistance of $58350 (black) but a new Lower High (orange) may also be developing. This is not conclusive but if BTC wants to rally to $60600 (blue) going into the weekend. BTC will need to Daily Close above the black resistance to invalidate the early-stage Lower High and set price up for that rally to $60600."

In a previous analysis, Rekt Capital highlighted that in January 2023, Bitcoin experienced the deepest retracement in that cycle at 23%. A year later, it took that long to surpass that retracement record, hitting 23.8%. Now, just two and a half months later, Bitcoin is breaking that record again with the current cycle's deepest retracement at 25.6%.

Currently, at 46 days, this retracement is also lasting longer than usual. To put it into perspective, some retracements lasted as short as 3 weeks and others as long as 63 days. So far, this retracement is shaping up to be one of the longer ones observed.

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