- Bitcoin price prediction expects a correction to $23000.
- Strong support is found the $28000 mark.
- Strong resistance lies at the $33500 mark.
The king of cryptocurrencies has been on a roll, establishing record highs one after the other. The king crossed the dreaded resistance level of $30k and established a new all-time high at around $33k. As for the day, the king of cryptocurrencies saw some major fluctuations and drooped to as low as $28k while the 24-hour high was almost $33,500. At the time of writing, the king stands at $31,806.
The market is in overbought conditions given the performance of the coin. Out of the twenty-eight technical indicators, seventeen are a buy, 7 neutral while just 3 indicate a sell signal. Majority of the eleven oscillators are neutral whereas fourteen of the seventeen moving averages are giving out a buy signal.
The king of cryptocurrencies has outperformed itself. Traders and investors are wary as flashbacks of the 2017 market crash are on the forefront. Will the king of cryptocurrencies establish itself at the new record high or have a staggering fall from grace?
Bitcoin price prediction: What to expect?
In his Bitcoin price prediction, analyst Alan Master pointed out the mixed signals the technical analysis is giving out currently. As per the analyst the candle – of today and as well of yesterday – indicates towards a bearish bias. In his study of historical price actions of Bitcoin, the analyst has established some major support levels for Bitcoin which coincides with the Fibonacci Retracement levels as well.
Per the analyst, when the coin faces corrections, it is inevitable to find support at $23,200 – the EMA10 weekly and 0.382 Fibonacci level. The next level of support can be $19,617 – EMA21 weekly, and 0. Fibonacci Retracement. And finally, if both the support levels fail then the coin can be expected to stabilize at $16,032 – EMA21 weekly and 0.618 Fibonacci level.
Ibrahim Bensalah, in his Bitcoin price prediction, states that Bitcoin will soon be facing major corrections. The coin has been in a bull run for quite some time now, and a 35% correction seems logical, as per the analyst. The analyst has identified that the current top connects with that of the 2013 and 2017 boom. The overstretched Bollinger band and high RSI are also indications of possible corrections; the analyst pointed out.
Analyst Donaitelo has identified a butterfly formation in his Bitcoin price prediction. The analyst pointed out the similarities between the current market boom and that of 2017’s. These similarities are a telling sign of the upcoming correction. Bitcoin prices have become increasingly unstable, and the butterfly wing pattern’s steep slope indicates a sharp recovery. The analyst stated that only another new high could invalidate the corrections’ current assumptions; otherwise, the inevitability of strong corrections stays put.
Analyst Sonic Deejay identified a parabolic curve in Bitcoin’s price action since the middle of December last year. The coin has been on a steady upward trajectory ever since, but it has been facing strong pullbacks. The analyst expects that the price action will not move to a sideways fashion where two uptrend lines will support it. Overall, Bitcoin is still bullish.