Bitcoin (BTC) Lacks Upside Momentum, Risks Further Slide to $60,000

Forecast Trend Report by Period

Bitcoin’s recent rebound is losing momentum, raising the risk of further declines, according to one analyst. If the cryptocurrency fails to reclaim a key support level, it could fall as low as $60,000.

Finbold reported on Oct. 12 that Aksel Kibar, an analyst and former National Bank of Abu Dhabi strategist, sees further downside for Bitcoin if it cannot recover support at $82,800.

Unless Bitcoin reclaims the $82,800 support level and shows strong upside momentum, it could re-enter a liquidity-heavy zone that leaves room for a drop to $60,000, Kibar said.

He added that recent price action shows a lack of upside momentum compared with past bullish breakout candles.