Bitcoin (BTC) price has risen from $ 11,000 to almost $ 62,000 over the past few months. Subsequently, the rise was stopped and the correction period, which was presumed to be temporary, was entered.
Experts point out that the $ 53,000 was held to end the correction and move up again. Michael van de Poppe, a full-time trader on the Amsterdam stock exchange, who shared exclusive analysis with Cointelegraph, made critical statements while evaluating the Bitcoin price.
4-hour chart points bearish
4-hour chart of the BTC / USD pair. Source: TradingView
Looking at the 4-hour chart, there seems to be a clear bearish trend since the all-time high in mid-March. This drop, following a move past $ 58,000, now points to weakness. In other words, a correction of up to $ 50,000 would be a normal and healthy situation for the market.
Also on the chart is a short-term downtrend with both highs and lows going down. In this context, the importance of Bitcoin price holding onto the $ 53,000 support zone has increased. If the $ 53,000 support doesn’t work, further correction towards $ 49,000 to $ 50,800 will be inevitable.
On the other hand, if the $ 53,000 area is held, the Bitcoin price will have to exceed the $ 56,200 area to remain strong. In this context, the area of $ 56,200 can be considered as the critical resistance zone that should be broken right now. Even if $ 56,200 is surpassed, Bitcoin price has to cross other resistances before targeting all-time highs.
Daily time frame shows the big bull cycle
Daily chart of the BTC / USDT pair. Source: TradingView
Bitcoin’s daily chart points to a bull market with highs and lows rising significantly. So, looking at the picture from a distance, the uptrend continues. So since the $ 50,000 area is a large support zone, the correction to come here would be very normal.
Even if Bitcoin’s price drops to $ 44,000, the bullish trend will still prevail. As long as Bitcoin stays above $ 44,000 and better 50,000, there will be no need to talk about the downtrend.
The views and comments expressed here are only of the analyst. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.