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Bitcoin price prediction: Bitcoin spikes to retest $51,500, prepares for a major reversal?

Bitcoin Price Prediction

TL;DR Breakdown

  • The $51,500 level supports BTC.
  • Next resistance at $57,000.
  • Next major upside target at 59,500.

Today’s Bitcoin price prediction is bullish as a further downside was rejected earlier today. Currently, Bitcoin price action looks to set another lower high around $55,500. When considering how much the last push to the downside has retraced, not much further downside is expected. Therefore, we should see another minor retracement later today before Bitcoin pushes higher to the next target at $59,000. 

Bitcoin price prediction: Bitcoin spikes to retest $51,500, prepares for a major reversal? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market trades with mixed results as Bitcoin has lost 1 percent, while Ethereu trades with almost 8 percent gain. Similar mixed results are seen for the top altcoins with Uniswap up almost 15 percent, Litecoin 5 percent, while Ripple trading at a loss of 4 percent and Vechain at 6. 

Bitcoin price prediction: Bitcoin spikes to retest $51,500, prepares for a major reversal?  

BTC/USD opened at $53,795 after bearish momentum took the market from previous resistance at $57,000 Yesterday. Earlier today, a quick spike to retest the $51,500 was met with equally strong buying pressure, resulting in another push higher towards $55,500. Therefore, we expect Bitcoin to start moving higher over the next 24 hours and finally break the $57,000 resistance.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $$52,712 $56,327, indicating a moderate amount of volatility. Trading volume has increased by 8.5 percent and totals $64 billion. Meanwhile, the total market cap stands at $1 trillion, meaning a market dominance of 49.98 percent.

BTC/USD 4-hour chart – BTC rejects further downside again and returns to $55,500 resistance

On the 4-hour chart, we can see BTC quickly spiking lower earlier today. Currently, the market attempts to move higher to finally break above the $57,000 resistance.

Bitcoin price prediction: Bitcoin spikes to retest $51,500, prepares for a major reversal?
BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin has seen bearish momentum return over the past weeks after a new all-time high was set at the $65,000 price mark. From there, several lower lows and highs were set until a quick push lower on the 18th of April to the $51,500 support resulted in an overall retracement of 20 percent.

From there, the Bitcoin price action regained some of the loss until resistance at $57,000. Over the following days, the market moved sideways and established a consolidation range of around $54,000-$57,000. 

Overnight, BTC/USD made another move lower and broke the $54,000 support. Next support at $51,500 was quickly reached, and the further downside was rejected as the market immediately was picked up by bulls and pushed back towards the $54,000 mark.

Currently, BTC/USD trades around the middle of the previously mentioned consolidation range of $54,000-$57,000. Since Bitcoin is yet to set a higher high, the current price momentum is technically bearish. However, when considering how fast further downside was rejected earlier today, we can assume that more bullish momentum will be seen later this week.

After Bitcoin establishes a higher high above the $57,000 resistance, we expect further upside to be seen towards the next resistance of $59,500. From there, BTC/USD will likely retrace and establish a clear higher low, from which an entry could be made with the expectation that the overall several-month bullish momentum will continue over the next weeks.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as an attempt to move below $51,500 previous support was met with a quick rejection back to the upside. Therefore, we expect Bitcoin to start trading higher later this week and finally break the $57,000 resistance, after which the next target is seen at $59,500.

While waiting for further Bitcoin price action development, see our guide on Bitcoin mining software as well as Bitcoin mining. Additionally, check out Bitcoin vs Bitcoin Cash comparison article.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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