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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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