Bitcoin
BTC$19 085.93

0.16%

Ethereum
ETH$1 330.59

0.20%

Tether
USDT$1.000069

0%

USD Coin
USDC$1.000044

0%

Binance Coin
BNB$278.60

-1.43%

XRP
XRP$0.487123

-1.92%

Bitcoin nears $40K amid warning BTC price will correct before bull market resumes


03 Jun 2021

#Bitcoin

Another price dip is required before continuation, one trader says, giving a short-term target of $36,000 for BTC/USD. Bitcoin (BTC) edged closer to $40,000 on Thursday as bulls gathered increasing signals that the bottom is in. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining levels it reclaimed a day before, including the critical $37,500.

Now, eyes were on the coming days for confirmation of a breakout or rejection — volatility was already forecast to enter by the weekend. For popular trader Crypto Ed, the market might need another bearish test in the short term before coming back with a vengeance. In the meantime, it may be a case of grinning and bearing familiar moves.

“I think we’re close to a reversal and a correction during the day before up again,” he told Twitter followers on Thursday. “BTC to $36k and ETH $2500? Might be a boring day....” He added that he assumed that BTC/USD is going to correct rather than continue upward.

Bottom-hunting metrics demand attention

Meanwhile, two new metrics that specifically try to catch Bitcoin price bottoms went live on monitoring resource Glassnode this week in a timely release for traders. Created by David Puell, well known for his famous Puell Multiple indicator, delta cap and balanced price both provided cues that Bitcoin may already be in recovery.

“Watch out for confluence on these in the next bear,” Puell added.

As Cointelegraph reported, opinions continue to focus on this year seeing a double top pattern on Bitcoin similar to 2013. In both previous bull markets, major retracements from local highs were standard on the way to ultimate peaks; and as such, there is nothing unusual about current behavior. That was the opinion of stock-to-flow creator PlanB this week in conversation with podcast host Preston Pysh.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 28 $19 085.93 0.16% -4.86% $365 687 826 427 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 56 $1 330.59 0.20% -8.61% $163 019 868 487 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000069 0% 0% $67 959 400 501 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000044 0% 0% $49 716 689 539 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86.8% 17 $278.60 -1.43% 0.09% $44 948 812 408 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.2% 72 $0.487123 -1.92% 25.79% $24 282 482 106 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000499 0.07% -0.05% $20 527 487 034 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82.4% 32 $0.459553 -0.29% -5.59% $15 730 121 389 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 81.6% 31 $33.92 0.34% 0.25% $12 029 202 620 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 15 $0.062968 -3.83% 2.38% $8 353 974 589 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 74.4% 43 $6.33 -1.59% -9.61% $7 092 680 964 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999909 -0.04% 0.03% $6 928 506 678 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70% 54 $0.760141 -1.47% -8.07% $6 639 314 367 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 77.2% 42 $0.000011 1.62% -3.95% $6 265 382 802 SHIB 7 days price change

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