Sign Up on MEXCBitcoin Price Prediction: $30k Or $15k, What’s Next For BTC Price?
Bitcoin Price Prediction: The Bitcoin price struggling to offer a follow-up rally of $22500 breakout suggests the exhausted bullish momentum. Moreover, the multiple higher-price rejections daily candles showcased a higher possibility of a minor pullback. Here’s how long this correction phase could extend, and should you buy it?
Key points:
- A potential pullback in Bitcoin price could assist traders in recuperating the bullish momentum.
- A bullish crossover between the 50-and-100 EMA encourages additional buyers in the market.
- The intraday trading volume in Bitcoin is $26.2 Billion, indicating a 2% gain
Source-Tradingview
Over the past two months, the Bitcoin price showcased a simple structure of a rounding bottom pattern. This is one of the famous bullish patterns which is often spotted at market bottoms and displays a sign of sustained recovery in the market.
The U-shaped recovery visible in the daily chart has surged the BTC price to 36.7% higher since the beginning of 2023. On January 20th, the BTC price provided a massive breakout from the pattern’s neckline resistance of $21600 and local resistance of $22500.
This breakout should have accelerated the bullish momentum and extended the ongoing recovery, but instead, the Bitcoin price went sideways and hovered above the $22500 support. Over the past five days, the Bitcoin price showed several higher price rejections at the $23000 mark, indicating the birds are struggling to sustain breached levels.
These rejection candles suggest profit booking from short-term traders, hinting at a higher possibility of price correction. Anyhow a minor consolidation or pullback could benefit Bitcoin price to neutralize the excessive buying since January 1st.
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This potential pullback could tumble the BTC price 4.5% down to retest the $21600 support.
However, under the influence of the rounding bottom pattern, the post-correction rally could rise 25% higher to hit the $28150 resistance. Thus, if the buying pressure persists, the buyers could surpass this pattern to chase $30000. mark.
On a contrary note, the possible correction and daily candle closing below $21600 could weaken the bullish thesis.
Technical indicator
RSI– The daily RSI slope falling from the oversold region indicates the prices are in process of stabilizing the bullish trend.
EMAs: the 20 and 200-day EMAs nearing a police crossover at the $21600 mark increase the support power of this level.
Bitcoin Price Intraday Levels
- Spot rate: $22851
- Trend: Bearish
- Volatility: High
- Resistance levels- $25000 and $28000
- Support levels- $22500 and $21500
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