Bitcoin price continues to decline in recent days. Crypto investor CryptoWendyO suggested that the fate of the coin is uncertain, despite the recovery from the bottom prices.
The investor told Cointelegraph on Friday, “The daily time frame doesn’t look very good as we have a hard time holding above $ 50,000. I think we will increase to $ 51,600 ”and added:
“At that point, I think to be cautious. In the event of a rejection, we can fall back to the 45-50 thousand dollar band. If it fails to hold on to 45 thousand dollars, we can drop to 38-42 thousand dollars. If it is consolidated over $ 52,000, this scenario is invalid. “
Indeed, as the investor predicted, Bitcoin (BTC) was rejected from this level after surging to $ 51,837 on Sunday, falling to around $ 49,600 at the time of translation release.
Bitcoin had experienced a correction after hitting an all-time high of $ 58,360 in February and declined to $ 43,015. Although the crypto money rose to $ 52,660 in this process, it failed to hold on to this level and fell below $ 50,000.
CMT Level 1 certified investor Cheds announced that they expect consolidation for over $ 42,000 more. Investor shared their price expectations on a chart.
“The real question is, will the 27 percent correction be enough to set the record again? In the meantime, we will see a price corridor narrowing with the lower peak price and higher bottom price in the daily framework, “he explained.