Bitcoin
BTC$49 177.82

-7.92%

Ethereum
ETH$4 092.88

-2.38%

Binance Coin
BNB$563.52

-4.86%

Tether
USDT$0.999981

-0.03%

Solana
SOL$203.61

-3.36%

Cardano
ADA$1.42

-8.66%

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 76% 49 $49 177.82 -7.92% -10.53% $929 035 044 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 34 $4 092.88 -2.38% -0.69% $485 446 527 829 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 30 $563.52 -4.86% -7.33% $93 995 664 394 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999981 -0.03% 0% $74 156 265 433 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 60 $203.61 -3.36% 4.31% $62 231 324 330 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.6% 67 $1.42 -8.66% -8.56% $47 386 208 203 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 64 $0.847073 -8.28% -10.87% $40 021 926 228 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 96% 2 $0.999590 -0.04% -0.01% $39 871 779 233 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 61.6% 74 $29.29 -12.73% -17.58% $28 929 753 364 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 68% 62 $74.10 13.99% 67.51% $28 735 392 986 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 71 $0.178634 -10.26% -13.05% $23 648 648 660 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64% 74 $92.34 -12.64% -18.20% $22 411 255 216 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.6% 73 $0.000037 -7.81% -5.02% $20 467 328 342 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 58.4% 83 $0.605372 -3.98% -24.08% $15 293 531 006 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 69.6% 59 $1.99 -10.33% 22.67% $13 980 255 925 MATIC 7 days price change

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