Why the Bitcoin Correction Everybody Waits for May Take some time


  • Bitcoin has steered higher following a brief period of tremendous weakness yesterday, with the cryptocurrency now pushing above the $ 23,000 region once again
  • Where entire market trends in the medium term should depend largely on where ETH and BTC tend next, as they both have been holding firm leadership over altcoins
  • Many investors and analysts have voiced the view that Bitcoin will see a strong and fast correction down towards the $ 19,000 region at some point in the near term.
  • One analyst agrees that this will happen, explaining that he thinks it will happen after Bitcoin posts another leg higher
  • This could mean that the next move up will be a bull trap and lead to further disadvantage

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

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

If successfully breached above, BTC could rally higher from this level, forming what one analyst looks to as a bull trap that will result in further disadvantage .

Bitcoin Cuts $ 23,000 Again as Eye Analysts 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.

Sales pressure seen in the lower $ 24,000 region has been quite intense in the past, making a flip of this level a significant technical support.

It still faces a strong hurdle at $ 24,200, as this is where it is at its highest ever. Vendors can use this level as a price to lease orders around.

BTC Likely to Rally Higher Before Seeing Strong Correction

One trader noted in a recent tweet that he is keeping a close eye on a break above $ 24,000, possibly marking the start of the next higher clause for BTC.

He also added that the correction to $ 20,000 that many investors anticipate is likely to happen following the next clause is higher.

“I’m bullish on BTC here. I do not think this is the correction that everyone is waiting for. That will come a little later imo. ”


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

There is a high probability that the next few days will be wild for Bitcoin and the rest of the crypto market.

Featured image from Unsplash.
Charts from TradingView.