BTC price has been on a rollercoaster ride. While the gains for investors in this asset has been tremendous, many are fearing that the top might be in.
Last year in March, BTC price was just $3,500. Yesterday, the price of this same asset was above $60,000. That’s almost a 20x gain from last year’s low. We saw a drop from $60,000+ towards $50,000, and now BTC is trading at $55,000. So does that mean the top is in? Hardly!!! If you see, even today, BTC is trading at 2.5x the all-time high price. Yet, because of a 10% drop, most of the traders start panicking and sell their cryptocurrencies at a point where they should be accumulating more.
Let us look at BTC price and see the potential entry points.
BTC/USD – Price Prediction
BTC has maintained its trendline support area as seen in the above graph. It has bounced perfectly from the horizontal support at $50,300. This indicates that there is a good buying pressure and demand in this zone. We could see a potential tap of the $46,000 and $42,000 areas which, would be good places to enter BTC long trades.
BTC/USD – Higher Highs and Higher Lows
If you zoom out and switch to the daily chart, you will see that the structure is still intact. BTC is making higher highs and higher lows. Till the trendline support breaks and we start making lower highs and lower lows, there is no need to worry about a bearish cycle.
BTC/USD – Fib Extension
As long as the support at $50,000 holds, we could start seeing a move towards $62,795, $66,608, $70,421, $75850, $82,766, and $1,02,737. Failure to hold the support at $50,000 could lead to a drop towards $46,500 and a final leg down towards $42,000, which would be good places to bid longs.
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Images courtesy of TradingView.
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