Bitcoin Price Prediction: BTC is gearing up for correction to $50,000 if the $58,000 hurdle remains unshaken

12 Mar, 2021 Updated 05 Jun, 2025

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Bitcoin fails to enter a new price discovery mode due to a rejection suffered marginally above $58,000.
BTC risks breaking down massively amid the formation of two bearish patterns.
Support is anticipated at $56,000, 54,000 and $52,000 to halt the declines before reaching $50,000.

Bitcoin has come very close to breaking the all-time high of around $58,330, achieved in February. However, the sellers keep missing the mark, opening the door to incoming losses. At the time of writing, BTC is trading marginally beneath $57,000 after a minor correction from the weekly highs marginally above $58,000.

If BTC completely fails to slice through the crucial hurdle, it risks forming two extremely bearish patterns; a double-top pattern and a rising wedge pattern. A double top-pattern is created after an asset rises to peak twice, separated by a trough. On failing to break past the second peak, a significant trend reversal occurs due to the resistance.

On the other hand, a rising wedge forms when an asset has significantly moved upwards. It is illustrated using two converging trendlines, running from the base of the asset’s price to the top. As the trendlines converge, a breakdown is usually anticipated. The rising wedge pattern is characterized by a reducing volume that tends to shoot up as the breakdown commences.

On the downside, Bitcoin eyes a retreat to $50,000, whereby buyers will launch another assault on the record high. The Moving Average Convergence Divergence (MACD) has slowed down the uptrend, suggesting that buyers are losing traction. If the MACD line (blue) crosses under the signal line on the 4-hour chart, we can foresee Bitcoin appreciably continuing with the breakdown.

BTC/USD 4-hour chart

Note that several support levels are in line to offer BTC support and avert the losses to $50,000. Some of these levels are highlighted at $56,000, 54,000, and the 50 Simple Moving Average (SMA), slightly under $52,000.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.