These past few days haven’t been particularly great for Bitcoin. The price has gone down to around the $48,600 range at the time of writing. While this is above the weekly lows it recorded, it’s still not the bullish skyrocket it once was. CryptoWendyO, a crypto trader with a Twitter presence, expressed her uncertainty about Bitcoin’s current price actions.
Nobody Really Knows What’s Next
In her eyes, as she expressed on Friday, the entire Bitcoin price action just isn’t managing to stay solid. The daily timeframe is bad, and she stated that crypto traders are struggling to sustain that mystical $50K. Even so, CryptoWendyO speculates that the crypto run will go as high as $51.6 thousand, but not much further.
From there, things get testy, she said. Anything could happen from there, either dropping down to the $50k-$45k range to even seeing an absolute breakdown, which could lead to a hard crash down to $42K-$38K. Then again, the other side of the coin is a sustained price consolidation that would lead to Bitcoin being worth around $52K. It’s all up in the air.
Bitcoin Being Bitcoin
Bitcoin, true to its tried-and-tested routine, reached a brand new all-time high back in February, reaching a glorious price of $58,360 an asset. And, true to its tried-and-tested routine, its price drove back down into the ground nice and hard, going down to as little as $43,015 within the span of just a few days. Bitcoin is truly chaotic when it feels like, and the asset saw another price recovery and went up to $52,660, only to drop again to under $50,000. Now, at the time of writing, that’s gone down to $48,600.
Many Speculations Around BTC’s Price Action
Another Twitter-based crypto trader, Cheds, holds a CMT Level 1 Certificate. In his opinion, all he can speculate on is greater levels of consolidation above the $42K key price range. He went as far as tweeting out a chart to demonstrate his expectations for the market.
$BTC #Bitcoin looks like that EMA 34 test set the higher low for this consolidation range. Probably 2-3 more days in this range https://t.co/lykmUKqC2f pic.twitter.com/QT1srnqE5w
— Cheds (Trading Quotes) (@BigCheds) March 5, 2021
Cheds’ main concern is whether or not this recent price correction, 27% in total, would be enough to bring the crypto market into a brand new high. Until then, however, he speculated that the range for BTC trading will continue to tighten. The lows will start to increase and the highs will decrease until another big push can come to shove it back into a bull run.
On another note, this time on the mainstream front, it seems that technology stocks saw a recent price decline as well.
