Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,850,022,264	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,850,022,264

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000433	-0.35%	0.123193	0.123172	0.123201

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000433

-0.35%

0.123193

0.123172

0.123201

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.123822	0.123018	0.123626	0.123626	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.123822

0.123018

0.123626

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	06:55:32	11.77	0.123193	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

06:55:32

11.77

0.123193

USD

Price x Volume	Volume	Base Symbol	Related Pairs
19,359.33	156,609.39	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

19,359.33

156,609.39

Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst

01/05/2024 7:30pm

NEWSBTC

Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. Bitcoin Is Falling, Losses $60,000 Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains. Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point. Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5. Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800. The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5. What’s Next? Will BTC Breach $100,000 In Wave 5? Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends. Feature image from DALLE, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

TRXUSD TRON