Over the previous 24 hours, bearish momentum has returned to the crypto market. Bitcoin, the market leader, has dropped 0.55 percent, while Ethereum has dropped 0.28 percent. Meanwhile, the rest of the top altcoins are losing ground at a similar rate.
BTC Price Action
Over the previous 24 hours, BTC has moved in a range of $50,514.49 to $51,814.03, exhibiting low volatility. The entire trading volume has decreased by 25% to $20.8 billion.
BTC/USD is likely to retrace next, with the previous high of $49,500 acting as the closest support level.
The resistance on the upside still stays at $51K. However, support from the broader crypto market will be needed to hit that level.
BTC Price to Hit $57K?
After breaching the $50,000 threshold, Kaleo, a pseudonymous trader, assures his Twitter followers that BTC is now on its path to $57,000.
He notes that the first breakout was completed in a flash. Expect a rapid run-up to $57,000, then a slower grind to $70,000 before the true breakout (high timeframe 2021 pennant) occurs.
Despite the price drop that rocked BTC and the wider crypto market earlier this month, Kaleo projected earlier this month that Bitcoin will surpass $100,000 this bull cycle.
He says he’d be happy to begin scaling out about $150,000. He expects it to rise even higher, but he is not worried about nailing the peak.
The analyst also claims that Bitcoin will follow in the footsteps of the S&P 500 ETF Trust, which has lately set fresh all-time highs.
According to Kaleo, Bitcoin’s slide below $50,000 represents a chance for investors to increase their holdings.