Bitcoin price hits $ 37,500 amid warning for upcoming correction
The good times will be temporarily over again this Thursday, according to one trader, despite this week’s 20% gains. The price of Bitcoin (BTC) touched close to $ 38,000 USD during a strong comeback on June 10, but the forecast is mounting on an impending retracement.
Bitcoin chart (BTC / USD) 1 hour
Bitcoin price drop on the menu this Thursday
Data from Cointelegraph Markets Pro and TradingView showed that the price of Bitcoin hit local highs near $ 37,500 USD yesterday, maintaining levels above $ 36,000 USD since.
From its lows earlier in the week, Bitcoin was up more than 20% at its weekly high. However, despite its gains, few traders believe Bitcoin will stick around for long. Selling pressures signaling a drop below the support level at $ 30,000 USD have remained in play in recent days.
According to the popular Crypto Tony Twitter account, Thursday will mark the day when the recharge takes place. He had previously forecast a possible drop to around $ 27,000 USD, in line with various other predictions.
“So today will be the day we get this wave 2 drop or wave C drop on Bitcoin,” he wrote in his latest update.
“Either way, I’ll be looking to buy that retracement, but that also depends on where we stop.”
Scenarios for Crypto Tony’s Bitcoin (BTC / USD) as of June 9
His colleague, Crypto Cobra, meanwhile demands a large correction of 20% for the entire crypto market cap, which he remains convinced provided the price of Bitcoin remains below $ 42,000 USD.
Optimistic floor now at $ 32,000 USD
Others were less brash with their projections. Analyzing the 4-hour chart on Thursday, Crypto Ed considered a rebound level closer to $ 32,000 USD if another drop was needed.
“Not really clear this morning, hard to find the pieces of the puzzle and I could be totally wrong, hence only a 4 hour graph,” he explained.
“As long as I don’t see a strong rejection, I’m sticking with this bullish scenario (because I like the reactions of the permanent bears that didn’t buy the downside).”
Crypto Ed’s BTC / USD Scenarios as of June 10
Good news from multiple sources has supported Bitcoin in particular in recent days. The announcement of El Salvador’s adoption of Bitcoin as a legal tender seemed to have a latent impact on the markets, while on Wednesday, $ 157 billion asset manager Victory Capital joined the cryptocurrency bandwagon.
By William Suberg, Cointelegraph
William Suberg became interested in Bitcoin as he was completing his masters degree and hasn’t looked back since, writing about everything cryptocurrency-related, which makes him sit down and catches his eye. He started working with Cointelegraph in October 2013.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move comes with risk, you should do your own research when making a decision.
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