Bitcoin price has entered a new bullish period and managed to reach the highest levels of the last few months. However, some analysts think that the leading cryptocurrency is ready to fall. At this point, a trader who correctly predicted the floor price of Bitcoin (BTC) during the 2018 bear market believes that the leading cryptocurrency is ready for a drop after hitting 2023 highs.
The analyst, known by the crypto market under the pseudonym Bluntz, said that Bitcoin will witness a corrective action after the recent rise. allegation is doing. According to Bluntz, Bitcoin is likely to need a correction after reaching the $30,000 level. This decline could continue below $29,000 and then it might turn higher again.
“The breakout in this bull flag pattern turned out perfectly and even marginally rose to a new high. We can now see a five-wave uptrend on the four-hour chart, so it wouldn’t be surprising to see some pullback starting here to trap all the latecomers before the next proper upswing. I think it’s definitely not the place to be FOMOing right now.”
Also, Pentoshi, another crypto analyst, thinks a pullback to around $29,000 is possible. Pentoshi’s Bitcoin price prediction is similar to Bluntz’s. Looking at Pentoshi’s bullish scenario, the analyst thinks that a daily close above $30,166 for BTC could send Bitcoin to $32,000.
“Locally, if we go back below previous highs, it would be a good spot to watch BTC’s daily close. Either way, I think we’ll hit $32,000.
Current support at $29,000 on the low time frame/middle time frame.”
You can follow the current price action here.