Another price dip is required before continuation, one trader says, giving a short-term target of $36,000 for BTC/USD.
Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>BTC) edged closer to $40,000 on Thursday as bulls gathered increasing signals that the bottom is in.
BTC/USD to $36,000 next?
Data from cryptoprimacy.com/?via=markets”>Cointelegraph Markets Pro and TradingView showed BTC/USD retaining levels it reclaimed a day before, cryptoprimacy.com/news/bitcoin-hits-38k-as-btc-price-breaks-above-line-in-the-sand-resistance” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-hits-38k-as-btc-price-breaks-above-line-in-the-sand-resistance/amp”>including the critical $37,500.
Now, eyes were on the coming days for confirmation of a breakout or rejection — volatility was cryptoprimacy.com/news/bitcoin-price-d-day-starts-any-moment-says-trader-as-btc-reclaims-key-level” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-d-day-starts-any-moment-says-trader-as-btc-reclaims-key-level/amp”>already forecast to enter by the weekend.
For popular trader Crypto Ed, the market might need another bearish test in the short term before coming back with a vengeance. In the meantime, it may be a case of grinning and bearing familiar moves.
“I think we’re close to a reversal and a correction during the day before up again,” he told Twitter followers on Thursday.
“BTC to $36k and ETH $2500? Might be a boring day….”
He added that he assumed that BTC/USD is going to correct rather than continue upward.
Bottom-hunting metrics demand attention
Meanwhile, two new metrics that specifically try to catch Bitcoin price bottoms went live on monitoring resource Glassnode this week in a timely release for traders.
“Watch out for confluence on these in the next bear,” Puell added.
As Cointelegraph cryptoprimacy.com/news/bitcoin-price-bull-run-starting-to-look-like-2013-after-record-red-monthly-candle” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-bull-run-starting-to-look-like-2013-after-record-red-monthly-candle/amp”>reported, opinions continue to focus on this year seeing a double top pattern on Bitcoin similar to 2013.
In both previous bull markets, major retracements from local highs were standard on the way to ultimate peaks; and as such, there is nothing unusual about current behavior. That was the opinion of stock-to-flow creator PlanB this week in conversation with podcast host Preston Pysh.