A bullish wave – The Bitcoin price (BTC). looking to reclaim the $21,000 as markets try to determine if a bullish continuation is possible. This trader and trading firm expects only a major downside correction after the cryptocurrency climbs well above current levels.
$21,000 Bitcoin Price Battle
After losing $21,000 the day before, Bitcoin price soars to $21,126 on Bitfinex today, January 19, 2023. Cryptocurrency it is trading at $21,109 at the time of writing this article. Its price is currently posting a daily gain of 2.08%.
In the very short term, the 5-hour price chart of Bitcoin shows that the cryptocurrency is currently going through the Tenkan-sen and al Kijun Senthat come close to each other, about $21,000 (blue circle).
Can Bitcoin then sustainably return above $21,000 and thus revive hopes of a continuation of the bull? While Bitcoin was trading at $20,972, the analyst Matthew Hyland indicated very short-term resistance.
He shared a chart that parallels the cryptocurrency’s 4-hour price and RSI on its near breakout period. meet a downtrend line. The chart also shows a potential impending crossover of the MACD with the signal line.
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Bullish Continuity Before Final Correction?
the dealer Right Capital attempted to issue a forecast based on the April 2019 bullish breakout. If the burst current resembled that of about 2 years ago, the cryptocurrency could therefore continue its ascent, well above current levels.
The sharp correction would only kick in after several months, with a retest of levels around $17,000 in 2024. Such a retracement would be similar to the one in March 2020.
Rekt Capital is not alone in issuing such forecasts, with initially bullish continuity, before a sharp correction. In its January 19 newsletter, the trading company QCP Capital indicated that the current surge is wave 4, in his long-term cryptocurrency price analysis using the Elliott says hello.
QCP Capital points out that “this rebound, from the lows of November 2022, is only a correction of wave 4”. The company believes that Bitcoin could go up to about $30,000before the markets are treated to the “last wave 5” which would then see a massive sell-off.
In a December 2022 chart, QCP Capital showed that the price of Bitcoin could go down below last year’s lows during this wave 5.
Could the long rise that started this year be a false start for the price of Bitcoin? The outcome of the battle of the $21,000 and the extent of the consequent movements could provide more precise insights into the probability of a long bullish continuation or a return to $20,000 in the very short term.
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