The new record high for the year is $121,400. Bitcoin price has started consolidating once againAlthough the support still holds, this is not unusual. It is nothing out of the norm, since pullbacks are common after major rallies and may be needed to cool down the trend. While the support of $117,000 has been held, it’s possible that the crypto will experience a more significant correction before the price starts to rise again.
How a Bitcoin price crash could begin
The weekend saw a drop in prices after the new highs. This could be the catalyst for the next correction. TehThomas, crypto analyst explains In a TradingView blog post, it is suggested that a possible short-term price correction still exists. The correction could be deeper than initially expected, as the price tests newly-formed support between $109,000 and $100,000.
Related Reading
The analyst claims that the new peaks are a result of the plunge in the Bitcoin price into uncharted territoryThe analyst warns that if the market continues to correct, there will be another wave of selling. The analyst advises caution when investors interact with the market.
There is also the formation of a trendline ascending that was formed along with the horizontal resistance. As the trendline passes through the area between $111,000 and 113,000 it is possible that the price will fall to this level.
If there is a more significant correction then an analyst should be consulted. sees a price sweep into the $110,000 levels Take out liquid. The sweep, however, would inherently be bullish as it would serve as a bounce off point and could potentially lead to an “more sustainable” Breakout to all-time heights
Bullish Prospects Still At Large For BTC
It is possible that we could return to the former peak, but it’s also important not to get carried away. possible that the price does not break down The price continues to climb. The analyst is pointing out the possibility that the price may hold to the rising trendline and reduce the effect of the correction. This would be a sign of a continuation without a deeper correction.
Related Reading
This is the case. Bitcoin price could resume the uptrend With the target of $120,000 to $125,000 in mind. The price of the stock would have to rise significantly for a deep correction to occur. “Bitcoin is currently in price discovery, which means the structure must guide our expectations. A retest of either the trendline or former resistance could provide the next best entry,” TehThomas explained. The analyst is confident that regardless of the situation, as long as it remains above $110,000, there will be a bullish trend.
Featured Image from Dall.E. Chart by TradingView.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
