Bitcoin
BTC$29 717.26

1.31%

Ethereum
ETH$1 965.36

-0.44%

Tether
USDT$0.998868

-0.02%

Binance Coin
BNB$329.85

2.12%

USD Coin
USDC$1.000096

0.02%

XRP
XRP$0.400133

-1.60%

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.


Related

Bitcoin’s tedious walk around $30K
Bitcoin’s tedious walk around $30K
Is Bitcoin leading or following global demand for risk?
Is Bitcoin leading or following global demand for risk?
The price of bitcoin slid last week after a wider stock sell-off in the US
The price of bitcoin slid last week after a wider stock sell-off in the US
Bitcoin’s short-term upward channel
Bitcoin’s short-term upward channel
Has Bitcoin reached the bottom?
Has Bitcoin reached the bottom?
Bitcoin's Price Plunges Below $34,000
Bitcoin's Price Plunges Below $34,000
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin stabilised but has trouble to reverse strongly
Bitcoin will fall until the bulls capitulate
Bitcoin will fall until the bulls capitulate
The culmination of the battle for the trend in Bitcoin
The culmination of the battle for the trend in Bitcoin

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 61.2% 89 $29 717.26 1.31% -0.73% $566 082 152 813 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 88 $1 965.36 -0.44% -3.60% $237 643 807 019 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.998868 -0.02% -0.01% $73 192 164 999 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 58% 85 $329.85 2.12% 8.92% $53 857 304 621 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000096 0.02% 0.01% $53 410 439 345 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 57.2% 91 $0.400133 -1.60% -6.63% $19 343 651 036 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $0.998956 -0.18% -0.12% $18 287 238 912 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 58% 92 $0.514701 -0.17% -8.35% $17 365 507 439 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.8% 92 $48.70 -1.62% -10.25% $16 521 393 009 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 58.8% 90 $0.082955 -0.63% -6.57% $11 005 662 568 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 58% 92 $10.06 1.74% -3.56% $9 932 153 976 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56% 89 $29 678.93 1.32% -0.84% $8 191 472 671 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 57.2% 91 $28.28 -1.54% -15.66% $7 657 666 318 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 68.8% 57 $0.080842 -1.73% 12.64% $7 650 329 369 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 95.6% 1 $0.999868 -0.05% -0.03% $6 574 371 676 DAI 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.