Traders forecast sideways movement for Bitcoin in the short term
CryptoWendyO and Cheds agree that Bitcoin will pause for now before another clear price movement follows.
Bitcoin has lost ground again in recent days, despite the market-leading cryptocurrency only recovering from a Bitcoin Loophole downturn last week. Accordingly, trader CryptoWendyO is ambivalent about the way forward.
„In the daily chart, it doesn’t look so good, because here we can hardly hold the US$50,000 mark,“ the expert told Cointelegraph yesterday (Friday). She continues, „I have a feeling that we will see a bounce to US$51,600 next.“
To that effect, she adds:
„From there I would be cautious because a subsequent downturn could push us back into the US$45,000-50,000 range. A further retracement could then take us as low as US$38,000-42,000, but at the latest there will be strong upside again. However, if we can establish ourselves above US$52,000, this scenario is moot.“
After Bitcoin (BTC) set a new record high of 58,360 US dollars in February, the crypto market leader initially went back down to 43,015 US dollars. This was followed by a climb to 52,660 US dollars before the price slipped below the 50,000 US dollar mark again.
At the time of going to press, Bitcoin is at just under 48,000 US dollars
Cheds, a crypto trader, expects „a continued sideways movement above the important mark of 42,000 US dollars“, as he indicated to Cointelegraph on Friday, similar to his colleague. He uses a price chart on Twitter to illustrate the possible range of this development.
„The big question is whether the 27% downturn has given us enough run-up to climb to a new record high,“ Cheds continues. To which he adds, „Until we have enough strength to do that, the price range will keep contracting, with lower highs and higher lows.“
So in the short term, the record run is pausing for now, but that does not mean an end is in sight.