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BTC price prediction: Bitcoin short squeeze or $87K next dip? BTC predictions are different

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Bitcoin Price Aims Key Upside Break As Dips Turn Attractive
Bitcoin Price Aims Key Upside Break As Dips Turn Attractive

The following are key points.

  • Bitcoin sets up a showdown between leveraged shorts and its annual opening price.

  • Traders hoping for a breakout of BTC/USD are aiming at the key level around $93,500.

  • Analysis suggests that the next retest of support could cost $87,000.

BitcoinBTCOn April 24, a BTC forecast that brought the price below $90,000 into play consolidated below an important resistance target.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

BTC Price Correction: Analyst “fairly normal”

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD has retested $92,000 overnight as a support.

While global markets remain at a loss about the direction of the ongoing US trade war.

“The market is now up over +1% on the day on no news at all,” The Kobeissi Letter: A trading resource summarized alongside a chart of the S&P 500 in part of its latest analysis on X.

“As we have seen multiple times this year, it almost feels like someone is front-running something right now. We expect to see some sort of bullish announcement soon.”

S&P 500 4-hour chart. Source: Cointelegraph/TradingView

Bitcoin didn’t react to the latest news, leaving equities to be volatile, and gold tried to stabilise after falling from its record highs at the beginning of this week.

“Fairly normal to have a slight correction here on Bitcoin as it’s just had a massive breakout,” crypto trader, analyst and entrepreneur Michaël van de Poppe told X Followers on a particular day.

“Buyers likely going to step in and then we’ll be continuing our path towards a new ATH.”

BTC/USDT 12 hour chart with RSI Data. Source: Michaël van de Poppe/X

Other people began to think about a bigger correction, following the brisk BTC/USD gains, which could take the BTC/USD market down below $90,000.

“A dip to 88k would be lovely,” popular trader Inmortal argued. 

Rekt, an analyst and trader from Rekt Capital, also had similar thoughts about the possible retest of support.

BTC Price action, she observedThe behavior of the bull market that was in its middle years, 2021, is very similar.

“Part of Bitcoin continuing to repeat mid-2021 price tendencies relative to the Bull Market EMAs would be a dip into the $87000 (green EMA) level for a post-breakout retest, if at all needed,” He commented on a chart of two exponential moving (EMA) averages.

“Depends on how BTC Weekly Closes relative to $93500.”

BTC/USD 1-week chart. Source: Rekt Capital/X

Shorts on Bitcoins are being targeted by bulls.

This was the main bull target. yearly open level One of the few remaining pieces as a form of resistance was just over $93,000.

Related: Bitcoin exchange outflows mimic 2023 as whales buy retail ‘panic’

It was synchronized with the block of possible liquidation levels in exchange order books. fertile conditions A “short squeeze” Price attack these products.

Recent data collected from Monitoring Resource CoinGlass The largest concentration of leverage was centered at $93,600.

Earlier, Cointelegraph reported A large trading company dubbed “Spoofy the Whale” Remove a 90k wall.

BTC liquidation leverage data. CoinGlass Source:

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.