Bitcoin price underwent an impressive jump during the weekend and could range high if it repeats the previous patterns
Yet the current price movements suggest the time for the BTC long trade is left behind and need to wait for a couple of days to get the confirmation for the new trade to enter
After a notable jump throughout the weekend, the dominant crypto Bitcoin appears to have considerably exhausted. The BTC price is currently undergoing a healthy correction phase and also following the previous trend. Therefore, if the consolidation could go on for another couple of days before a notable surge beyond $60,000.
Despite the confirmed uptrend, still, the bets on the long could yield profits after some time, but not in the upcoming days. A popular analyst believes ‘Longing Will Make No-Sense’, considering the present scenario.
Analyst, CrediBull Crypto advises his 247.7K followers to be extremely cautious with the price movements. He feels that it’s time to be cautious rather than betting on longs as $40,000 was the best time to do so. However, he does believe that if the BTC price closes the weekly trade above $56400, then the longs would be more profitable.
However, it’s still unclear whether the analysts are pointing towards the probable dip or else a healthy consolidation.
Bitcoin Price Analysis
The present price movements appear to follow a specific pattern. And if the previous movements mirror, BTC price could hit $60,000 in the next couple of days.
The asset since the beginning of the present trading month seems to have been following a pattern. The price surges with a notable margin and consolidates for a while. Previously, the price surged nearly 10% and accumulated for nearly 5-6 days. However, a small consolidation of 2-3 days like the first one with only a 4% jump in price resulted in the 10% rally. And hence if the current spike of 4.6% and an accumulation materializes then a significant jump of 10% would bring the price close to its ATH.
Collectively, the bitcoin price appears to be set in place to undergo a significant uptrend. However, some of the hurdles need to be addressed and the path towards the new ATH may be vigilant. Eventually, the BTC price could be on the way to achieve the $100K target set for 2021 as per numerous predictions.