Bitcoin has produced an impressive price performance over the past two weeks and moved from about $ 85,000 to trade as high as $ 97,700. However, despite this recent haussearted performance, the prospect of a long-term price development in the BTC market remains unconfirmed. Currently, the main Cryptocurrency continues to trade in the price range of $ 96,000 as the market continues to consolidate after 4% price collection during the first two days in May.
Bitcoin risk falls to $ 50,000- $ 60,000 if price recycling fails
In one X post On May 3, a digital marketing expert with the X -handle Balo has emphasized a necessary price condition needed for Bitcoin to maintain its haus -like market structure in the short term. With the help of Elliott Wave Theory and Fibonacci Extension/Retracing levels, BALO height points on the weekly BTC/USDT diagram that Bitcoin has topped about $ 97,000, which complies with the top of Wave 5.
Elliott Wave Theory works on the condition that the price movement occurs in a recognizable repetitive pattern. In general, it consists of two phase impulse phase (wave 1-5), which represents the current market trend, followed by the recovery phase, ie. corrective phase (wave ABC).
After completing the wave 5 in the impulse phase, prices generally slide into the capture phase. Therefore, Balo’s analysis shows that Bitcoin is likely to specify a price correction after its latest price collection.
However, this baisse -like prediction can be annulled if Bitcoin recycles its next price resistance to $ 102,000 and thereby confirms a long -term haussey intention. If a price rejection occurs at $ 102,000, Wave A is expected to begin to push the BTC prices to approximately $ 70,000.
Thereafter, there will be a small relief vault to about $ 102,000, marking of wave B before the last corrective wave (C) deposits and draws bitcoin prices as low as $ 50,000- $ 60,000. Interestingly, Balo Bitcoin predicts to re -enter a raised market after this correction, with the potential to trade as high as $ 122,000.
BTC prize preparation
At the time of writing, Bitcoin deals with $ 96,106, which reflects a 1.31% price decline over the past day. At the same time, the asset’s daily trade volume decreases by 38.19%, indicating a significant decline in market interest despite the latest gains. According to Data from CoinCexThe general feeling in the Bitcoin market is Hausse, with investors who show a strong greed.
In the midst of market conditions, the CoinCox analyst Bitcoin predicts to keep its upwards in the short term to reach a $ 119,528 price in five days. However, they also expect a price correction, followed by a larger price outbreak indicated by price of $ 111,747 in one month and $ 136,026 in three months.
Image from Pexels, Chart from TradingView
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