Bitcoin Price Prediction: Over the past two weeks, the Bitcoin price has struggled to maintain a sustainable bullish momentum as the traders witness high supply pressure from the $36,000 mark. The daily candles with short bodies and higher wicks have created an uncertain sentiment across the crypto market. Will this indecisiveness lead the BTC price into another correction?
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Current Uncertainty Threatens Potential Correction
- A breakdown below the channel pattern would set a 10% drop
- The BTC price may face suitable support at $33250 followed by $32000
- The intraday trading volume in Bitcoin is $10.2 Billion, indicating a 19% loss.
Source-Tradingview
The 4-hour chart reveals the Bitcoin price action fluctuating within a rising channel, marked by two ascending trendlines. The two dynamic resistances and support confine BTC in a narrow no-trading zone.
Such a pattern typically suggests a downside risk if the price slips below the channel’s support trendline. Compounding this is the resistance encountered at the apex of a more expansive wedge pattern, presenting an additional challenge for bullish momentum to overcome.
Should the BTC price descend through the channel’s lower boundary, we might see a decline toward the $32,000 level, which coincides with the 38.2% Fibonacci Retracement Level.
Furthermore, within the broader context of the wedge pattern, a more pronounced correction could see the coin price retracting to the $29,000 to $28,000 region.
Will BTC Price Recovery Hit $47000?
Despite these bearish indicators, it’s imperative to recognize the current market trend is a bullish trend. The present consolidation could simply be a period of accumulation, setting the stage for a resurgence of bullish energy. Should the BTC price break above the channel, it would negate the immediate bearish scenario and potentially signal an upcoming rally. A bullish breakout through the wedge’s upper resistance could pivot Bitcoin towards an ambitious target of $47,000.
- Average Directional Index: The daily ADX slope reaching a high of 63% reflects the buyers are likely exhausted and thus a pullback or consolidation is needed to revive the buying pressure.
- Exponential moving average: The 20-day EMA slope around the $32300 mark, may offer an additional support level for buyers.
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