BTC Price: Is the Correction Over?

Bitcoin had been struggling to break the resistance at $33,000 and was looking bearish. When BTC price reached the top at $42,000, many analysts were expecting a correction deep down towards an early $20,000.

BTC price took a spiral and shattered the resistance at $33,000 as soon as the world’s richest man Elon Musk changed his bio on Twitter. The billionaire’s bio now has just “Bitcoin” on Twitter.

BTC price surged from $32,000 to $38,000 shortly after the change in the bio of Elon Musk on Twitter.

Has Elon Musk ended the correction in BTC Price action or is this just a temporary relief rally? The next few days will be crucial to see if BTC will make a new all-time high crossing $42,000, or if this is just a local top and BTC will head back below $30,000.

Let us review the BTC chart to find out the possible scenarios for BTC price.

BTC/USD – Price Prediction.

BTC

BTC is currently at the resistance of the 0.382 Fibonacci level at $38,200. If this resistance gets broken and BTC can close a few candles above this zone, this region could be flipped to support. In that case, we could see a move in BTC price towards $41,100, $44,000, $48,000, $53,200, and $68,100. Failure to break the resistance could lead to a drop towards $32,000, $30,500, and $28,900.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

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