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Bitcoin (BTC) Price Prediction: A Bull Run to $5,500 or Waiting for Correction

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  • Denys Serhiichuk
    πŸ“° News

    What to expect next from BTC: a new high at $5,500 or a pullback to $4,700?  

Cover image via u.today

Regarding the recent situation on the cryptocurrency market, it is worth considering a long-term picture of the BTC movements on the daily timeframe. In this range, it should be noted that the growth impulse has reached a correction level of 50.0% on the Fibonacci scale relative to the previous decline wave.

In addition, the latest short-term growth channel is broken and the quotes are targeting a projection resistance level of  $5,395, which coincides with the Fibonacci 61.8% level. The possibility of growth to the level of 75.0% ($5,920) is certainly possible, but the probability of such a movement is extremely small.  Currently, the support for the observed growth is the mark of $4,670.

BTC/USD chart by TradingView

Considering the 1-hour Bitcoin chart, the quotes tried to change the last local maximum, but could not fix above it. Soon, growth may continue to the resistance level at $5,300, but taking into account the divergence on the Stochastic indicator, a rebound and pullback can be expected.

The main goal of the correction will be the Fibonacci level of 50.0% ($4,675), which coincides with the current support line.

The price of Bitcoin is trading at $5,027.04 at the time of the writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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