Bitcoin could fall below $64,000 before entering the “parabolic phase” of the current bull cycle.
Based on the price action clusters above the $71,600 mark, Bitcoin’s (BTC) price could be on track toward a further correction. How low will Bitcoin price go before the parabolic phase begins?
Bitcoin price clusters refer to the tendency of the asset’s prices to cluster near round numbers. The BTC price cluster formed near the range high of $71,600 suggest more potential downside action, according to popular crypto analyst Rekt Capital.
The analyst wrote in a June 17 X post to his 477,000 followers: