Bitcoin (BTC) is on the run, as it reaches new heights every day. After officially reaching a new high market value, will Bitcoin finally break the elusive $ 20,000 barrier again? Or will we see a major correction first?
When is the repair finished?
It’s hard not to be excited about looking at the Bitcoin Weekly Chart. Over the last 30 days, Bitcoin has seen real benefits. But it has not yet regained its full time of only 10%.
But as the saying goes, what goes up must come down, and now the question in everyone’s mind is “When shall we correct?”
Doomsday Scenario Fibonacci retracement levels paint a bleak picture of 50% retracement against 0.618 around $ 9000. But should scammers prepare for this in an uptrend after cutting them in two? Or will previous levels of resistance act as support for Bitcoin to the Moon ladder?
Daily Bitcoin chart indicates levels that people could move a little better if the previous $ 17K resistance was the first stable support level before falling to $ 14,000 and $ 12,500.
While this may mean a drop in the bitcoin price of around 25%, it will be a healthy pullback, so the cryptocurrency king can encourage more retail buyers to go in and buy the dip, possibly pushing the price above the $ 20,000 key.
You may be screaming at the screen in disbelief right now, wondering how cool this would be. However, the fact remains: at some point we must have a correction, and the longer the price continues to rise, the more severe the correction.
In other words, it is important for Bitcoin to find a new domestic bottom if BTC is to rise to all-time highs.
The increase in BTC / USD on the time chart provides a different perspective showing the structure that was in force since the beginning of November. This shows that Bitcoin is currently expanding too much and has already used mid-channel support after reaching the top of the channel.
If the structure remains intact, this bid shows only a 9% drop to support the lower channel around $ 16,285. For now, however, previous $ 17,000 resistance seems to be holding up well.
If Bitcoin breaks out of the bullish channel close to $ 19,000, we may already have a correction that will surprise those trying to capture the domestic trend.
Heatmap data indicates that the channel will continue
BTC / USD clock chart. Source: Tensorcharts
Heatmap data on Tensorcharts shows that the walls are selling for $ 18,500 and $ 19,000, indicating that whales are interested in the current bullish channel.
Interestingly, there are several buying limits between $ 17,800 and $ 17,000, which also indicates that the channel’s high is the area Bitcoin may remain in the coming days.
But when $ 19K appears, there will be very little resistance before Bitcoin hits new heights, and if you want to know the price level, I suggest you buy a crystal ball.
A bearish scenario for Bitcoin
If the $ 17,000 mid-channel support fails, the final level to be maintained will be around $ 16,285 until the current structure becomes invalid. From here, I expected the next logical floor to be around $ 14,000.
Bullish scenario for Bitcoin
A market close to $ 19,000 opens a whole new chapter in Bitcoin’s price history. Trying to predict where the price will go at this point will be little more than guesswork.
Rainbow disposition. Source: Blockchaincenter
However, if you follow Blockcenter’s rainbow setup, it looks like Bitcoin is going from a “build” to “still cheap”, pushing the value up to $ 22,600 next week.
For now, it’s about figuring out prices, and since many of us have been waiting for this moment for three years, I suggest you relax and enjoy the ride.