According to trader Eugene Ng Ah Sio, the next few days will be crucial in determining the medium- and long-term price direction of Bitcoin (BTC).
Posting on social media, Ng said that Bitcoin’s ability to maintain a price above $63,000 could signal a renewed uptrend in the market, while falling below that level could mean a return to volatility.
Ng noted that prominent Bitcoin investor Michael Saylor was among the early buyers when BTC was trading in the $59,000 to $63,000 range. Bitcoin consolidating and holding above $63,000 could indicate that the market momentum is once again shifting in a positive direction. However, if the price cannot hold above this level, it could mean that Bitcoin’s volatile and unpredictable price movements will continue.
Ng added that there was a 60-40 chance that the market had entered a new phase, but warned that this would be the first real test of Bitcoin’s strength in this price range. Other market analysts echoed Ng’s views, noting that the upcoming price action would be “highly decisive” for Bitcoin’s future direction across multiple timeframes.
*This is not investment advice.