Traders who closely watch Bitcoin’s price movements using a popular momentum indicator predict that its value could decrease in the short term, but this may not stop the ongoing bull market trend.
Using the Bollinger Band technical analysis method, traders identify trends based on a moving average and price volatility. They look for opportunities to buy when the price touches the lower band and consider selling when it approaches the upper band.
Based on current market trends, traders believe that Bitcoin’s heightened daily price fluctuations are a sign that it may continue to decrease in value.
“According to cryptocurrency trader Aqua, speaking to his 16,500 followers on April 17, the gradual release of a Bollinger Band squeeze will lead to a significant price increase, provided that the price closes below the support level. This expansion could potentially reach $50,000.”
On April 17, Stockmoney Lizards made a prediction in a sequence of X posts, anticipating that Bitcoin’s correction would continue even with the upcoming halving event scheduled for April 20. Yet, they remained optimistic about the market’s overarching bullish trend for the long term.
The bull market isn’t finished yet, just taking a breather. This pause is normal after a continuous upward trend for a year.
Currently, tech expert Tony Severino proposes that Bitcoin’s value could see substantial fluctuations if the market trend mirrors the 2017 pattern.
“If the current market cycle resembles that of 2017, then based on the Bollinger Bands, we could see a potential downturn reaching around $53,000,” he pointed out in his April 16 update on X.
That same day, the anonymous cryptocurrency investor known as Rekt Capital expressed on platform X that it’s essential for Bitcoin to hold its existing support lines to prevent a potential decline matching the 18% dip from March 2023.
The Material Indicators on the buy side of the Bitcoin market are indicating robust support around 5% lower than its current price of $64,242.
The Fire Charts indicate that significant bid liquidity, which signals potential buying interest, is accumulating in the $59,000 to $61,000 price zone. Additionally, there’s a secondary layer of support found further down at $50,000.
According to CoinGlass data, around $2.2 billion worth of long Bitcoin positions could be forced to close if the cryptocurrency’s price drops to its lower limit at $59,000.
In addition, if Bitcoin’s price increases by only 1.15% from its present value to reach $65,000, it would result in the liquidation of approximately $551 million worth of short positions.
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2024-04-17 11:19