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Bitcoin Price Correction to End Very Soon, Is the Path to $50K Imminent?

Highlights

    Bitcoin price since the start of 2021 rarely entered the oversold region below 30 RSI and hence expected to hit the ATH soon

    Some reports suggest the average Bitcoin bull market retrace is about -35% where-in the current retrace has reached -32%

    Bitcoin price is expected to offer impressive opportunities regardless of the direction of the price movement

Bitcoin Price Expected to Rebound

The accelerated bitcoin price rally appeared to have slowed down slightly by entering an ascending triangle. Moreover, the price is trending close to the support levels at the base of the triangle yet failed to break the lower levels.

Despite a strong pullback in the crypto space the BTC price successfully sustained above $30K and poised to hit the higher targets. Since the beginning of the Bitcoin bull rally, the asset hardly remained in the oversold position below 30 RSI. 

According to the cryptocurrency trader and analyst, Rekt Capital, the average Bitcoin Bull Market retrace is -35% and the current retracement has reached -32%. 

Therefore, if the Bitcoin retracement phase is about to end, then a pretty good bull run can be expected in the coming days.

Big Opportunities Regardless of Direction

The bitcoin price weekly trends suggest both possibilities of a breakout and a breakdown. As mentioned the price is trending in an ascending triangle and hence it may follow an uptrend or plunge below too.

btc price today

A popular analyst yTedd predicted that the BTC price may bounce from the current levels to retest the resistance levels at $42K. Else a drop from the current levels may lead the price to revisit the lower levels close to $20,500. 

The bitcoin price at the time of writing is $31512 with a jump of 2.67% in the past 24 hours. If the present momentum is continued, then the bitcoin price rally may even reach levels close to $50K.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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