Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

Share This Post

Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute.

Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024.

Bitcoin Is Falling, Losses $60,000

Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows.

This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point. 

Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5.

BTC remains in a bullish formation | Source: Analyst on X

Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800.

The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5. 

What’s Next? Will BTC Breach $100,000 In Wave 5?

 Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5. 

However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump Token Mania: Over 6,000% Pump Or Classic Solana Trap?

According to blockchain data, a new Solana token named Eric Trump shot up 6,200% in just 24 hours It sprang to life on May 16 via the Pumpfun launchpad and swelled to a market cap of 140 million

Ethereum and Solana Holders Take Profit, Investment Into Remittix Soars With Major Updates Near

This content is provided by a sponsor PRESS RELEASE Ethereum and Solana holders are enjoying solid profits this month, and many are now rotating those gains into a new project catching serious

Autonomous AI agents create new job opportunities

The following is a guest post and opinion of Zac Cheah, Co-Founder of Pundi AI The brouhaha over autonomous artificial intelligence (AI) agents taking up jobs and radically transforming industries

Bitcoin Mining Stocks Continue Rally as Applied Digital Leads Friday’s Gains

Bitcoin-mining stocks closed higher Friday, with Applied Digital Corporation jumping 2218% to top the leaderboard Bitcoin Miners Rally as Volatility Breeds Opportunity Applied Digital posted the

Ethereum Accumulation Accelerates – Smart Money Snaps Up 450K ETH

Ethereum is now at a pivotal moment following last week’s explosive rally that pushed prices above several key resistance levels After surging past $2,700, ETH has pulled back and is now

Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards

Cardano (ADA) is flashing mixed signals as its market structure hints at an imminent short-term price crash While bearish indicators suggest a possible decline, a crypto analyst reveals that the