Bitcoin is starting to correct after being rejected from the $45k levels. The analyst asks, “Where can the BTC price jump next?” seeks an answer. We include the opinions of crypto money experts on Bitcoin’s recent gains and current correction. Details are on Kriprokoin.com.
What’s next for Bitcoin?
Bitcoin (BTC) returned $2,500 of its newfound gains on February 8 through a long-awaited correction. There are those who hope that $42,000 will be protected. The data is re-launched as BTC/USD approaches $43,000 after hitting $45,500, a few-week high previously. Previously, these levels under observation included several regions in the corridor between both the $40,000 and $41,000 and the upper $30,000 to $40,000 corridor. However, for popular Twitter trader Muro, $42,000 needed to hold on as an intermediate base to reverse sentiment. “Either there is no significant pullback and we go to the next 51. Or I wouldn’t be surprised if that goes all the way back. As long as 42 holds, it is a slight upward trend,” he summarized the day.
The chart below highlights that a drop to the region of around $38,000 will likely be an attractive buy for investors, but that in itself will not help further strengthen the market. Cointelegraph columnist Michaël van de Poppe, meanwhile, said that Bitcoin is facing “significant” resistance. “In this context, I am assuming we are not going to break all at once and end up badly for altcoins during a correction,” he warned Twitter followers. At the time of this writing, $43,000 was seeing repeated tests as Wall Street trading failed to make a fresh upward move.
In the classical fashion, those who diverged were calmer and viewed the current price action as part of the consolidation phase that has been in effect for over 400 days. Market commentator Miles Johal said, “I think Bitcoin is in a bull market and is consolidating horizontally. There is no bear market, imo, it’s all consolidation as you can clearly see below. “Once the range is broken, the next move will be huge. After all, this is Bitcoin,” he said.
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