BITCOIN has exerted impressive price performance over the past two weeks, moving from about $ 85,000 to $ 97,700. However, despite the recent optimism, the prospect of long -term prices has not been confirmed in the BTC market. At present, Premier Cryptocurrency continues to be traded at a price range of $ 96,000 as the market continues to integrate according to the price rally of 4%in the first two days of May.
If the price recovery fails, the risk of bitcoin falls to $ 50,000- $ 60,000.
In the X post on May 3, the digital market expert in X Handle Balo emphasized the price conditions needed for Bitcoin to maintain a strong market structure in the short term. Balo uses the Elliott Wave theory and Fibonacci Exhibition/Retression level to use a weekly BTC/USDT chart that matches the top of Wave 5 in a weekly BTC/USDT chart with about $ 97,000.
Elliott Wave Theory works on the premise that price movement is caused by repetitive patterns that can be recognized. In general, it consists of two stages of the impulse stage (wave 1-5), which shows the current market trend.
After completing Wave 5 in the impulse stage, the price usually enter the fullback stage. Therefore, Balo’s analysis shows that Bitcoin is likely to be modified in price depending on the most recent price rally.
However, if Bitcoin returns the next price resistance to $ 102,000, this weakness can be invalidated by checking the long -term intention. If the price rejection occurs at $ 102,000, Wave A is expected to push the BTC price to about $ 70,000.
After that, before the last corrective wave (C) is set, waves B will be displayed before withdrawing the low price of $ 50,000 to $ 60,000, and there will be some relief bounce for about $ 102,000 before withdrawing a low price of $ 50,000 to $ 60,000. Interestingly, BALO predicts that BITCOIN will be rebuilt in the strong market according to this correction, and may be traded up to $ 122,000.
BTC price prediction
At the time of writing, Bitcoin is trading at $ 96,106, reflecting the price drop last day. On the other hand, the daily trading volume of assets decreases by 38.19%, indicating a significant decrease in market interest despite the recent profits. According to Coincodex’s data, the general feelings of the bitcoin market are optimistic and investors are powerful.
Among the market conditions, Coincodex analysts predict that Bitcoin will maintain a short -term rise and record $ 119,528 in five days. However, they are also expected to have a price modification and a larger price blocking, as shown at $ 111,747 per month and $ 136,026 per three months.
PEXELS’s main image, TradingView chart
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