Bitcoin has made a wonderful price performance over the past two weeks, moving from about $ 85,000 to trade as high as $ 97,700. However, despite the recent performance of this bullish, the prospects of a long-term price ulend in the BTC market remain unconfirmed. Currently, the leading cryptocurrency continues to trade at $ 96,000 price ranges as the market continues to combine following a 4% price rally in the first two days of May.
Bitcoin's risk falls to $ 50,000- $ 60,000 if price recovery fails
In a X post On May 3, an expert in the digital market with the X handle widows has highlights a required price condition required for Bitcoin to maintain the structure of the bullish market in a short time. Using the Elliott Wave Theory and Fibonacci Extension/Retracement Levels, the widow highlights the weekly BTC/USDT chart that Bitcoin sank around $ 97,000, aligned at the top of the wave 5.
The theory of the Elliott Wave operates on the grounding that price movement occurs in a repetitive -repeating pattern. Typically, it consists of two phase phase phases (wave 1-5), which represents the current trend in the market, followed by the pullback phase, that is, corrective phase (wave ABC).
After completing the wave 5 of the impulse stage, the prices generally slip into the pullback phase. Therefore, Balo's review shows that Bitcoin is likely to enter a price correction following the latest price rally.
However, this prediction can be validated if Bitcoin will recover the next price resistance to $ 102,000, thus proving a lasting bullish intent. If a price decline occurs at $ 102,000, the Wave A is expected to start pushing BTC prices to nearly $ 70,000.
Thereafter, there would be a slight bounce of relief of around $ 102,000, which marked the Wave B before the final wave correction (C), pulling bitcoin prices of less than $ 50,000- $ 60,000. Interestingly, Balo predicts Bitcoin to re-enter a bullish market following this correction, with the potential to trade as high as $ 122,000.
BTC price prediction
At the time of writing, Bitcoin traded at $ 96,106, reflecting a price decline of 1.31% on the previous day. Meanwhile, the day -to -day asset trading volume dropped by 38.19%, indicating a significant decline in market interests despite recent acquisitions. According to Data from CoincodexThe general emotion in the bitcoin market is bullish, with investors showing a strong level of greed.
In the midst of market conditions, Coincodex analysts predict Bitcoin to maintain its uprising in the short term to hit a price of $ 119,528 in five days. However, they also expect a price correction followed by a larger price breakout as indicated by price targets of $ 111,747 a month and $ 136,026 in three months.
Featured image from Pexels, chart from tradingview
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