Bitcoin has produced a formidable worth efficiency previously two weeks, transferring from round $85,000 to commerce as excessive as $97,700. However, regardless of this latest bullish efficiency, the prospects of a long-term worth uptrend within the BTC market stay unconfirmed. Currently, the premier cryptocurrency continues to commerce within the $96,000 worth vary because the market continues to consolidate following the 4% worth rally within the first two days of May.
Bitcoin Risk Falls To $50,000-$60,000 If Price Reclaim Fails
In an X post on May 3, a digital market professional with the X deal with BALO has highlighted a obligatory worth situation wanted for Bitcoin to retain its bullish market construction within the brief time period. Using the Elliott Wave Theory and Fibonacci extension/retracement ranges, BALO highlights on the weekly BTC/USDT chart that Bitcoin has peaked round $97,000, which aligns with the highest of wave 5.
The Elliott Wave Theory operates on the premise that worth motion happens in a recognizable repeating sample. Generally, it consists of two phases – impulse part (wave 1-5), which represents the present market development, adopted by the pullback part, i.e., corrective part (wave ABC).
After finishing wave 5 of the impulse part, costs usually slip into the pullback part. Therefore, BALO’s evaluation reveals that Bitcoin is prone to enter a worth correction following its most up-to-date worth rally.
However, this bearish prediction may be invalidated if Bitcoin reclaims its subsequent worth resistance at $102,000, thereby confirming a long-term bullish intent. If a worth rejection happens at $102,000, Wave A is predicted to start pushing BTC costs to round $70,000.
Thereafter, there will probably be a slight aid bounce to round $102,000, marking wave B earlier than the final corrective wave (C) units in, pulling Bitcoin costs as little as $50,000-$60,000. Interestingly, BALO predicts Bitcoin to re-enter a bullish market following this correction, with the potential to commerce as excessive as $122,000.
BTC Price Prediction
At the time of writing, Bitcoin trades at $96,106, reflecting a worth decline of 1.31% previously day. Meanwhile, the asset’s day by day buying and selling quantity is down by 38.19%, indicating a major decline in market curiosity regardless of latest features. According to data from Coincodex, the overall sentiment within the Bitcoin market is bullish, with traders exhibiting a powerful degree of greed.
Amidst market situations, Coincodex analysts predict Bitcoin to keep up its uptrend within the brief time period to hit a worth of $119,528 in 5 days. However, additionally they anticipate a worth correction adopted by a bigger worth breakout as indicated by worth targets of $111,747 in a month and $ 136,026 in three months.
Featured picture from Pexels, chart from Tradingview
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