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 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 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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