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

  • Alex Morris
    πŸ“° News

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


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

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.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!
πŸ‘“ Recommended articles