Bitcoin
BTC$23 205.94

-1.05%

Ethereum
ETH$1 652.57

-1.54%

Tether
USDT$1.000189

0.01%

Binance Coin
BNB$328.97

-0.66%

USD Coin
USDC$0.999824

-0.02%

XRP
XRP$0.403964

-1.85%

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 62.4% 76 $23 205.94 -1.05% -1.38% $447 463 293 507 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.2% 57 $1 652.57 -1.54% 2.42% $202 231 671 937 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000189 0.01% 0% $68 077 488 884 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 79.6% 38 $328.97 -0.66% 3.37% $51 943 779 281 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999824 -0.02% -0.03% $42 003 176 490 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 74.8% 42 $0.403964 -1.85% -2.11% $20 521 022 743 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999683 -0.09% -0.09% $16 253 121 649 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 69.2% 64 $0.393347 -2.50% 1.09% $13 613 416 758 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.8% 51 $0.092763 -2.01% 2.82% $12 306 963 608 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 68% 67 $1.22 -1.89% 3.32% $10 667 289 399 MATIC 7 days price change
11 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
12 Solana (SOL) SOL Solana predictions 56.8% 86 $23.71 -4.22% -3.55% $8 833 784 660 SOL 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 67.6% 73 $0.000015 2.71% 22.15% $8 061 420 715 SHIB 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 67.2% 66 $6.69 -3.98% 1.44% $7 717 761 462 DOT 7 days price change
15 HEX (HEX) HEX HEX predictions 70% 60 $0.040894 -16.00% 51.64% $7 091 495 993 HEX 7 days price change

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