Why the Bitcoin Correction Everyone is Waiting for May Take Some Time

  • Bitcoin has navigated higher following a brief period of immense weakness yesterday, with the cryptocurrency now pushing above the $23,000 region once again
  • Where the entire market trends in the mid-term should depend largely on where ETH and BTC trend next, as they both have been holding firm guidance over altcoins
  • Many investors and analysts have voiced the opinion that Bitcoin will see a strong and swift correction down towards the $19,000 region at some point in the near-term
  • One analyst agrees that this will occur, explaining that he thinks it will happen after Bitcoin posts another leg higher
  • This could mean that the next upwards movement will prove to be a bull trap and result in further downside

Bitcoin and the entire crypto market has been caught in the throes of an intense bout of consolidation over the past few days, with bulls and bears both battling for control of its price action.

While buyers have not yet been able to push the cryptocurrency above $24,000, there’s a strong possibility that this level will be visited in the near-term, thanks to the recent break above $23,000.

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If successfully broken above, BTC could rally higher from this level, potentially forming what one analyst is looking towards as a bull trap that will result in it seeing further downside.

Bitcoin Breaks $23,000 Once Again as Analysts Eye Move Higher

At the time of writing, Bitcoin is trading up just over 3% at its current price of $23,566. This is around where it has been trading throughout the past few days.

The selling pressure seen within the lower-$24,000 region has been quite intense in the past, making a flip of this level into support technically significant.

It still faces a strong hurdle at $24,200, as this is currently where its all-time high sits. Sellers may use this level as a price to lace sell orders around.

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BTC Likely to Rally Higher Before Seeing Strong Correction

One trader noted in a recent tweet that he is closely watching for a break above $24,000, potentially marking the start of the next leg higher for BTC.

He also adds that the correction to $20,000 that many investors anticipate will likely come about following the next leg higher.

“I’m bullish on BTC here. I don’t think this is THE correction everyone is waiting for. That will come a bit later imo.”

Image Courtesy of Credible Crypto. Source: BTCUSD on TradingView.

There’s a high probability that the coming few days will be wild for Bitcoin and the rest of the crypto market.

Featured image from Unsplash.
Charts from TradingView.

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Author: Cole Petersen

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