Some Bitcoin analysts have predicted that the major cryptocurrency’s recent 4 percent drop from the $6,500 price could lead to a bearish move for the crypto market, NewsBTC reported.
Crypto trader Tyler Coates shared a chart that suggests the possibility of Bitcoin dropping to the $4,000 level if it follows the inverse of price action that occurred from March 12-18.
Another analyst who goes by the name Lomah similarly predicted that Bitcoin’s price will continue to decline, possibly reaching around $5,900.
As of press time, CoinMarketCap data shows that Bitcoin is trading at $6,315.09.
NewsBTC additionally reported that Bitcoin closed March’s candle slightly above the key technical level at $6,400, which is considered a crucial level from a long-term perspective.
The $6,400 level is where the cryptocurrency bottomed in December 2019.
Technical analyst and trader Cred, however, warned that Bitcoin closing a monthly candle above support does not imply that the cryptocurrency’s price will increase.
He added that the close set the bias for the next candlestick.
