Bitcoin has produced impressive performance in the past two weeks, moving from about $ 85,000 to trading of up to $ 97,700. However, despite this recent upscale performance, the possibilities of a long -term bullish trend in the BTC market are still unconfirmed. Currently, the first cryptocurrency continues to trade in the price of 96,000 dollars with the continued unification of the market after prices rise by 4 % in the first two days of May.
Bitcoin risk decreased to 50,000-60,000 dollars in case of price recovery failure
in X post On May 3, the digital market expert at X Handle Balo highlighted the price needed for Bitcoin to keep the bullish market structure in the short term. Using Elliott Wave theory and extension/Fibonacci -retreating levels, Balo highlights the weekly BTC/USDT chart that reached Bitcoin about $ 97,000, which corresponds to the top of the 5 -wave.
Elliott wave theory works on the hypothesis that the price movement occurs in an recognized repetition pattern. In general, it consists of two phases-the phase (wave 1-5), which represents the current market direction, followed by the retreat stage, i.e. the corrective stage (ABC).
After completing the wave 5 of the rush phase, the prices generally slide to the withdrawal stage. Therefore, Balo’s analysis shows that Bitcoin is likely to enter prices after the last prices.
However, this declining prediction can be nullified if Bitcoin recovers the following price resistance at 102,000 dollars, confirming a long -term emerging intention. If the price rejection occurs at $ 102,000, the A wave is expected to start paying BTC prices to about $ 70,000.
After that, there will be a light bounce to about 102,000 dollars, which represents the B before the last corrective wave (C), which leads to a decrease in bitcoin to $ 50,000 -60,000 dollars. Interestingly, Balo expects Bitcoin to return to the re -introduction of an upper market after this correction, with the possibility of trading up to $ 122,000.
BTC prediction price
At the time of writing this report, Bitcoin is trading $ 96.106, which reflects a 1.31 % decrease in prices last day. Meanwhile, the daily trading volume of assets decreased by 38.19 %, indicating a significant decrease in the interest of the market despite the recent gains. according to Data from CoincodexGeneral morale in the Bitcoin market ascending, where investors offer a strong level of greed.
Amid market conditions, Coincodex expects to maintain its emerging arrangement in the short term to a price of $ 119,528 in five days. However, they also expect a price correction followed by the collapse of larger prices as shown in price rates of $ 111,747 a month and $ 136.026 in three months.
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