Bitcoin (BTC) May Be in for Short-Term Price Correction, Analyst Warns

Bitcoin 42 m    Reading time: ~2 m

Crypto analyst and trader Ali Martinez has taken to Twitter to share a Bitcoin chart to show that several factors are showing a possible short-term correction for BTC.

He stated that the TD Sequential index signals a sell. Aside from that, there is a bearish RSI divergence. However, if a four-hour candlestick emerges above the $31,000 level, it would indicate the invalidation of the possibility of a correction.

#Bitcoin | Potential short-term correction looms! ⚠️

The TD Sequential signals a sell on $BTC 4-hour chart, coupled with a bearish RSI divergence. A 4-hour candlestick close above $31,000 could serve as invalidation.

— Ali (@ali_charts) April 14, 2023

Bitcoin recently recaptured the $30,000 level for the first time in 10 months after the inflation index came out smaller than was expected by analysts. At the moment, BTC is changing hands at $30,746, according to the CoinMarketCap price scale.

“I’d prefer to focus on $29.7K”

Another prominent analyst, Michael van de Poppe, also believes that, despite Bitcoin looking strong, there might be some “shallow corrections” to the upward trend it is currently following.

Poppe has marked the $31,700-$32,000 levels as a crucial point of resistance. While many people wanted to buy BTC while it was trading at $25,000, he reckons this “want-to-buy-BTC” level may now shift to the $28,500 line.

He prefers to focus on the $29,700 level for Bitcoin for now.

#Bitcoin looks strong, but will have some shallow corrections in an upwards trend.

I’ve marked $31.7-32K as important resistance point.

However, $25K was the level everyone wanted to buy. This will probably shift to $28.5K, and then nobody buys.

I’d prefer to focus on $29.7K.

— Michaël van de Poppe (@CryptoMichNL) April 14, 2023

“At least $100,000 by the halving”

Martinez also joined commentators under the recent tweet by Adam Back about Bitcoin. The prominent cryptographer and cypherpunk reminded his followers that this year the BTC price rose by 70% by March — that is, it increased from $16,600 to the $28,000 level.

He assumed that if BTC keeps rising at the same pace, by June, it will reach $48,000; $82,000 by September and $140,000 by December, or at least $100,000 by that time if the price growth falls from 70% per month to 53% for quarters 2, 3 and 4.

Ali agreed with that, stating that according to the on-chain data, Bitcoin is likely to surge to at least $100,000 by the halving that is to happen in April or May next year.

On-chain data suggests so as well. At least $100K by the halving

— Ali (@ali_charts) April 13, 2023


Updated: 04/14/2023 — 09:00

Leave a Reply

Your email address will not be published. Required fields are marked *