Bitcoin has produced an impressive price performance in the past two weeks, from around $ 85,000 to an exchange of up to $ 97,700. However, despite this recent upward performance, the prospects for a long -term trend in the BTC market remains unconfirmed. Currently, the first cryptocurrency continues to negotiate the price range of $ 96,000 while the market continues to consolidate after the price rally of 4% in the first two days of May.
Bitcoin risk drops to $ 50,000 at $ 60,000 if price recovery fails
In a post X on May 3, an expert in the digital market with the X Gandage Balo highlighted a necessary price condition necessary for Bitcoin to retain its bruising market structure in the short term. Using Elliott wave theory and Fibonacci extension / demotion levels, Balo highlights the weekly BTC / USDT graphic that Bitcoin culminated around $ 97,000, which aligns on the top of the wave 5.
The theory of Elliott waves works on the premise that the price movement occurs in a recognizable repetition model. Generally, it consists of two phases-pulse phase (vague 1-5), which represents the current trend of the market, followed by the withdrawal phase, that is to say a corrective phase (Wave ABC).
After finishing wave 5 of the pulse phase, prices generally slip into the withdrawal phase. Consequently, Balo’s analysis shows that Bitcoin is likely to enter a price correction after its last price rally.
However, this lower prediction can be invalidated if Bitcoin recovers its next price resistance to $ 102,000, thus confirming a long -term upward intention. If price rejection occurs at $ 102,000, wave A should start pushing BTC prices at around $ 70,000.
Thereafter, there will be a slight relief rebound at $ 102,000, marking wave B before the last corrective wave (C), which draws the Bitcoin prices as low as $ 50,000 at $ 60,000. Interestingly, Balo predicts that Bitcoin to reintegrate a bullish market following this correction, with the potential to negotiate up to $ 122,000.
Price prediction BTC
At the time of writing the editorial staff, Bitcoin is negotiated at $ 96,106, reflecting a drop in prices of 1.31% in the last day. Meanwhile, the daily negotiation volume of the assets is down 38.19%, indicating a significant drop in market interest despite recent gains. According to Coincocex data, the general feeling of the Bitcoin market is optimistic, investors with a solid level of greed.
In the midst of market conditions, coincocex analysts predict Bitcoin to maintain its short -term trend to reach a price of $ 119,528 in five days. However, they also expect a prices correction followed by a greater price escape, as indicated by the price objectives of $ 111,747 in one month and $ 136,026 in three months.
PEXELS star image, tradingView graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
