• Bitcoin witnessed a massive fall in the early trading hours and landed close to $24,000, while the bears continue to dominate.
• The BTC price is speculated to offer an opportunity for a good entry as the token is gearing up to go long soon.
• Analysts believe that Bitcoin may soon encounter a good entry to place a long trade as the price is primed for more than 10% upswing very soon.
Bitcoin Price Analysis
Recent Market Situation
Bitcoin price yet after hitting $25,000, dropped and faced a huge rejection resulting in a pullback of more than 2%-3% at the moment. The seeking pressure has mounted for the second consecutive day due to which the price may continue to drop for some more time ahead.
Long Opportunity on Bitcoin
However, after a brief pullback, the token is believed to ignite a firm upswing soon, and hence here’s where you can long on Bitcoin. The BTC price is appearing extremely strong nowadays as the bulls are constantly outpouring the bears. The token has now begun to trade within an ascending triangle which appears to be in a significant swing low position. Further, below this position, there is a huge gap which is very positive for a long trade.
One of the well-known analysts, Tolberti believes that the price may drop still harder to reach the lower support that could be just below $24,000 and rebound finely to reach levels beyond $26,000. Hence says that the Bitcoin price may soon encounter a good entry to place a long trade as the price is primed for more than 10% upswing very soon. Furthermore, from an Elliot wave perspective; BTC has been moving with 5-wave impulse upwards and 3-wave corrections downwards; suggesting that when this bearish wave ends – we might expect BTC prices moving towards north side again with further growth potentials above $30K range in 2021-22 market situation.
Technical Chart Overview
The chart displays above shows that BTC prices are trading inside an ascending triangle pattern – indicating there could be some short term dips before it breaks upwards with bullish momentum again (towards end of 2021). Also from Elliot wave perspective – 5 wave impulse & 3 wave corrections suggest further growth potentials over next couple of months ahead with an estimated target range between $28K-$30K respectively (in 2021-22).