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Bitcoin Price Prediction !!Bitcoin has been trading sideways within a broad range for an extended period, frustrating traders who have been eagerly anticipating a breakout. The current price action suggests that a significant move, either upwards or downwards, is imminent. In this analysis, we will explore two potential bearish scenarios and one bullish breakout scenario, along with key factors influencing price movements. Key Factors to Consider Declining Bitcoin Dominance: Bitcoin's dominance over the altcoin market is gradually decreasing, indicating a potential shift in investor sentiment. This could lead to a redistribution of funds across the cryptocurrency landscape. RSI Nearing Critical Zone: The Relative Strength Index (RSI) on the weekly timeframe is approaching the 70 level, which is considered a bearish zone. A break below 70, confirmed by a 4-hour candle close, could signal a significant decline in Bitcoin's price. Scenario 1: Bearish Breakdown In this scenario, Bitcoin fails to break above the current range and experiences a bearish breakdown. Rejection at 68,000: Bitcoin could face resistance at the 68,000 level, triggering a drop towards 60,000. This rejection could be due to profit-taking by traders who have accumulated at lower prices. Liquidity Vacuum at 60,000: The 60,000 zone has witnessed significant outflows, with many traders selling their Bitcoin holdings. This lack of liquidity could amplify the downward move. Further Decline to 56,700 and 52,000: If the selling pressure persists, Bitcoin could extend its decline to 56,700 and eventually reach 52,000, representing a significant bearish target. These levels have historical support and could act as potential buying zones. Scenario 2: Temporary Pullback Followed by Rebound In this alternative scenario, Bitcoin experiences a temporary pullback before resuming its upward trajectory. Retest and Consolidation at 73,800: Bitcoin could retrace to the 73,800 area, allowing whales (large cryptocurrency holders) to accumulate and prepare for a potential breakout. This consolidation phase could provide support for the price. Potential Sell-off at 73,800: Once the accumulation phase is complete, a sell-off could ensue, pushing the price back towards 60,000 and 52,000. This sell-off could be triggered by profit-taking from whales or a shift in market sentiment. Bullish Breakout: If Bitcoin manages to close a daily candle above 74,400, it could invalidate the bearish scenarios and potentially signal a breakout towards 81,000, marking the start of a new bullish cycle. This breakout could be driven by positive news, increased institutional adoption, or a surge in buying pressure. Conclusion The current price action of Bitcoin suggests a higher probability of a bearish move in the near term. The declining Bitcoin dominance, the RSI approaching the critical zone, and the historical support levels at 60,000 and 52,000 all point towards a potential downward trend. However, the possibility of a temporary pullback followed by a rebound or a bullish breakout cannot be entirely ruled out. Traders should exercise caution and carefully monitor market developments before making any trading decisions. Disclaimer: This analysis is based on technical indicators and market observations and should not be considered financial advice. Please conduct your own research and make informed trading decisions based on your risk tolerance. Which one do you like?
BINANCE:BTCUSD
by Crypto-Oracle1
BTC in ABC correction wave! Last short movement before new ATH?Hello guys! New trading week started, so finally we can see some clear picture at BTC chart. Seems like we moving in ABC Elliot Correction Wave, now in B wave and seems like we will see C wave this week. Plus we have descending volumes. The area to open position from current price till 67.500$. SL and TP marked at the chart. Important! Always follow RM strategy. Do not trade more than 2% of your deposit! What's your thoughts guys?
BINANCE:BTCUSDShort
by SheTradesHub
2
BTC - ☀️ & Bullish Potential For The Next Week A very strong sun shines over Bitcoin and Chainlink in the next 24 hours, indicating some upside potential lying ahead. Other altcoins, including Ether, Ripple’s XRP and Cardano will also profit from this bullish trend, while Litecoin and Uniswap face bearish clouds. These sunny bullish trading conditions should prevail over the cryptoverse the coming week, as leading tech companies will announce their quarterly results. Avalanche, Binance Coin and Uniswap won’t profit from this bullish mood and face bearish clouds, which signal downside risks. “A massive supply shock is coming. With the Bitcoin halving, miners can now only produce 450 BTC each day. The ETFs in the US have bought up around 3,214 BTC on average each day. This number could increase significantly when Hong Kong ETFs start trading,” the crypto profile Lark Davis said. Analysts at leading banks disagree on whether the price of Bitcoin will continue up following Friday’s halving. Deutsche Bank expects prices to “stay high due to expectations of future spot ether (ETH) ETF approvals; future central bank rate cuts; and regulatory changes” but do “not expect them to increase significantly,” Bitcoin.com reports. Follow us for more crypto news and weather reports!
BITSTAMP:BTCUSDLong
by ATTMO
Bitcoin Weekly Analysis Here's the corrected version: BTC continues to lead in this bullish market, reaching a new all-time high. Initially, we anticipated the price to target $75,000 as an algorithmic prediction, but it fell short and stopped at $73,800, likely trapping buyers who had set psychological targets for $75,000 and $80,000. The drop in BTC is healthy after the significant gains we've witnessed in this bullish trend. It seems BTC is taking a breather, with buyers who entered around $15,000 and $30,000 now taking profits to accumulate at better prices. Following the halving, predicting BTC's behavior becomes more uncertain, but historical data suggests BTC tends to reach new highs after halving events. From a technical analysis standpoint, we identify a sweet spot for accumulating BTC between $47,000 and $39,000. Breaking above $52,000 and closing above it on a weekly basis would likely propel the price to $47,000 and $42,000. In terms of market dynamics, we have significant funds from the USA, and now China is also getting involved. This suggests that BTC is unlikely to drop to low prices like last time. Best of luck to everyone, and I'll provide updates if I observe any changes in the analysis.
COINBASE:BTCUSD
by Deotrade1
BTC Price UpdateHi guys, hope you are all doing good. As we have predicted about BTC in our last post that BTC can grab liquidity between 59k to 62k and revert from this point, BTC followed our plan successfully. Alts were bleeding last when BTC dropped now we seeing good recovery start from Alts. As we have mentioned in the last post there is huge liquidity resting in yellow zones at 67k , 71.5k and 74k BTC will try to grab those liquidity and it will be a case if it flip the big resistance of 64.6k. BTC is actually range bound and it is testing lows and highs from last few days and we are hopping that this cycle will for coming few weeks. But these coming weeks will be the last best opportunity to buy BTC at such a good price. BTC halving has been done and in the pre halving normally market retraces more but at this time due ETF and huge players entry it did not retrace that much. So, in the post halving we expect that it will continue the same range bound behaviour for coming few weeks. BTC after testing highs it can again test its lows, so be prepared and vigilant. As BTC dominance is also falling so Alts are showing recovery, one good advice that you guys should follow. Start buying Alts, start filling your bags not all at one time, but the current price is the good opportunity in long term. For Alts we are hoping they will recover good and soon, so I repeat again start filling your bags slowly and DCA if it drops from first buying price because after few BTC will sky rocket and Alts will also follow as many have pumped 200 to 300 percent already from pre ETF consolidation. I hope this is enough information for now. We will share some more updates in coming days. Thanks @everyone
Long
by TheCryptoCity
Bitcoin potential scenarioAfter an aggressive pullback though the range it is possible that the pre-halving dump is done with. BTC's price got to a level where it no longer seemed a viable buy and will need either a pullback to offer better value or a period of reaccumulation which is what we may have experienced in the previous weeks. I have mapped the Wyckoff reaccumulation schematic over the recent range and it more or less fits, bearing in mind it will never fit perfectly. I looked at both the distribution schemas and schema 2 is a potential fit but without the UTAD in phase 2. We'll soon know if the range's low is broken and retested Confirmation that we are at least moving up to the higher end of the range will be if we break and retest 64516 with an H4 context
Long
by Kram_Capital
1