- Bitcoin price prediction expects a rise towards $50,000.
- Strong support is found at the $29,500 mark.
- Strong resistance is found at the $30,000 mark.
The king of cryptocurrencies has been on a steady upward trajectory for the past few months. It has successfully tested various resistance levels. At the time of writing the king stands at $29,859.16. In the past 24-hours, the king saw some high levels of fluctuations dropping to around $28,799 and then peaking at the current level of $29,860.
The market outlook is bullish but since the king is currently overbought, analysts predict that strong corrections are not a matter of “if” anymore but of “when”.
The technical indicators are reflecting the overbought conditions of the king and show a buy signal, further encouraging traders. In the total twenty-eight technical indicators, the majority of the moving averages stand at buy signal with the overall situation being strong buy. However, the oscillators are mainly neutral with a sell indication.
Bitcoin price prediction: What to expect?
In his Bitcoin price prediction analyst Mohmmad K Kazemi predicts that a correction wave 4 is coming soon to Bitcoin. The previous top at $18,577 can be expected to be new support and stabilizing level for Bitcoin. Bitcoin has also reached the 3.618 Fibonacci retracement level.
The analyst has also identified a wave formation in the price action of the coin. If the correction does not happen soon then the Bitcoin can be expected to continue following the wave formation. It is currently at the wave C and can go as up as wave E which is situated at the $50k level.
Most of the analysts are hearkening traders to watch the price action closely as it can be an ideal time to go for a short position on Bitcoin. In his Bitcoin price prediction analyst John has identified Bitcoin to have formed a broadening wedge formation. The broadening wedge formation is a bearish figure which can be an indication of the inevitable corrections that the coin is soon to be faced with. The closing of the Bitcoin has observed a negative growth of 0.25 percent which can be another indicator of the corrections.
In his Bitcoin price prediction analyst Farhad points out the formation of a harmonic bearish butterfly. The butterfly figure is a sign of the likely corrections. As per the analyst, Bitcoin has not faced any strong correction since August of 2020 at around $9.8k. The bull run has continued ever since. The analyst concludes that there are two likely turns the coin can take in the upcoming days. In the first scenario, if Bitcoin breaks out the $30k, which appears to be close to doing – then the bull run of the coin can be expected to continue to $60,000.
A very optimistic target prediction in this scenario can be the $400k level. In the second scenario, if Bitcoin succumbs to corrections then it can fall to the $14k level where it will have strong support. The $14k level will support the coin significantly and the coin will, once again, continue on the upward trend. If the $14k level is not upheld as support then the next strong support can be found at $5k level. As per the analyst, the first scenario is highly optimistic and the second scenario is more likely to occur.