Bitcoin has performed impressive prices over the past two weeks, moving from about $85,000 to $97,700 trading. However, despite this recent bullish performance, the prospects for long-term price increases in the BTC market remain unconfirmed. Currently, the best cryptocurrencies continue to trade in the $96,000 price range as the market continues to consolidate following a 4% price rally in the first two days of May.
Bitcoin risk drops to $50,000-60,000 if price recovery fails
In the May 3rd X post, X Handle Baro digital market experts highlight the pricing conditions required for Bitcoin to maintain a bullish market structure in the short term. Using Elliott Wave Theory and Fibonacci’s extension/retracement level, Baro is highlighted on the weekly BTC/USDT charts where Bitcoin peaked at around $97,000.
Elliott Wave theory operates on the premise that price movements occur in recognizable repeating patterns. Generally, it consists of two phases – the impulse phase (Wave 1-5) represents current market trends, followed by the pullback phase, i.e., the correction phase (Wave ABC).
After completing Wave 5 of the Impulse Phase, the price usually slips into the pullback phase. Thus, Baro’s analysis shows that Bitcoin is likely to enter price correction following the latest price rally.
However, this bearish forecast could be invalidated once Bitcoin regains its next price resistance at $102,000, thereby confirming its long-term bullish intentions. If a price rejection occurs at $102,000, Wave A is expected to push the BTC price up to about $70,000.
Then there’s a slight relief up to about $102,000, marking wave B before the final correction wave (c) sets it, bringing the Bitcoin price low as $50,000-60,000. Interestingly, Baro predicts that Bitcoin will re-enter the bull market following this fix, potentially trading a high of $122,000.
BTC price forecast
At the time of writing, Bitcoin is trading at $96,106, reflecting a 1.31% price decline over the past day. Meanwhile, daily trading volume of assets fell 38.19%, indicating a significant decline in market interest despite recent profits. According to Concodex data, the general sentiment in the Bitcoin market is bullish, with investors showing a strong level of greed.
Amidst the market situation, Cincodex analysts will achieve a price of $119,528 over five days, predicting that Bitcoin will remain on the uptrend in the short term. However, following the price adjustment, a larger price breakout is expected, as price targets of $111,747 for one month and $136,026 for three months are shown.
Pexels featured images, TradingView charts
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