Bitcoin has brought impressive price results in the last two weeks, going from around USD 85,000 to trade up to USD 97,200. However, despite the last stubborn results of the perspective of a long -term price raise on the BTC market, they remain unconfirmed. Currently, the most significant cryptocurrency is still trading in the price range of USD 96,000, because the market is still consolidating after the 4% price rally in the first two days of May.
The risk of bitcoins drops to $ 50,000–6,000 if the prices are recovered
IN X Post On May 3, an expert on the digital market from the 10th Handa Balo emphasized the necessary price state needed for Bitcoin to preserve its stubborn market structure in a low period. Using the theory of Wave Elliott and the levels of extension/pull -out Fibonacci, Balo stands out on the weekly BTC/USDT chart that Bitcoin has reached about USD 97,000, which is in line with the mountain of wave 5.
The theory of Wave Elliott works that the price movement occurs in a recognizable repetitive pattern. It basically consists of two phases-impulse (wave 1-5), which represents the current market trend, followed by the withdrawal phase, i.e. the corrective phase (Wave ABC).
After completing the wave of the 5th phase of the price, the price usually slip into the withdrawal phase. That is why Balo analysis shows that Bitcoin will probably introduce price correction after the last price rally.
However, this bear forecast can be annulled if Bitcoin regains the next price resistance of USD 102,000, thus confirming the long -term stubborn. If the prices are rejected in the amount of USD 102,000, it is expected that the A BTC price congestion will begin to around USD 70,000.
Then there will be a diminutive relief to around USD 102,000, marking wave B in front of the last corrective wave (C) input, pulling Bitcoins prices of 50,000–60,000 USD. Interestingly, Balo predicts that Bitcoin will again enter the market stubborn after this correction, with the potential of trade of up to USD 122,000.
Btc price forecasting
At the time of writing, bitcoins trade at USD 96 106, which reflects the drop in prices by 1.31% on the last day. Meanwhile, the daily volume of asset trading fell by 38.19%, which indicates a significant decrease in market interest despite the last profits. According to Data from CoincodexGeneral moods on the Bitcoin market are stubborn, and investors have a sturdy level of greed.
Among the market conditions, Coincodex analysts predict that Bitcoin will maintain its raise in the low period to reach the price of USD 119,528 in five days. However, they also expect a price correction, and then a larger price breakthrough, as indicated by goals of USD 111,747 in a month and USD 136 026 within three months.
A distinguished picture from Pexels, chart from TradingView
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