Bitcoin Aims to Reclaim $35,000 Amidst Predictions of Correction
Bitcoin (BTC) is currently striving to surpass the $35,000 resistance level, which is considered crucial for the leading cryptocurrency. Analysts suggest that if Bitcoin manages to sustain gains above this level, it could pave the way for further price advances.
While some market participants anticipate another significant price correction before a rally, a crypto trader and analyst known as Thescalpingpro believes otherwise. According to Thescalpingpro, the triggers for lower price levels have already occurred, making a correction unlikely. He points to two major events – the COVID-19 crash and the collapse of FTX – as catalysts for Bitcoin’s potential surge in value.
Can Bitcoin Correct to $12,000?
Thescalpingpro dismisses the idea of Bitcoin dropping to $12,000 and instead sees the current upward trend as a phase of vertical accumulation before an anticipated parabolic rise. He asserts that those waiting for another black swan event are in disbelief since such an event has already taken place.
The COVID-19 crash significantly impacted global financial markets, including cryptocurrencies like Bitcoin. Moreover, the collapse of FTX initially caused a drop in Bitcoin’s value but has since been followed by a recovery and an impressive 130% surge.
The potential launch of a spot Exchange-Traded Fund (ETF) has also contributed to Bitcoin’s rally by attracting institutional capital. However, it is important to note that ETF approval does not guarantee a bull run as Bitcoin is still influenced by factors such as interest rates and inflationary pressures.
Bitcoin Price Analysis
Currently, Bitcoin is trading at around $34,743 with daily gains of approximately 1%. On the weekly chart, Bitcoin has been consolidating with gains of about 1.7%.
Technical indicators suggest a bullish sentiment for Bitcoin. According to TradingView, one-day gauges indicate a ‘buy’ sentiment at 14, moving averages signal a ‘strong buy’ at 13, and oscillators are ‘neutral’ at 8.
The $35,000 price level remains a significant barrier for Bitcoin’s upward movement. Breaking this resistance could lead to further gains.
Hot Take: Bitcoin Primed for Parabolic Rise, Corrections Unlikely
Analyst Thescalpingpro believes that Bitcoin is on track for a parabolic shift and dismisses the possibility of a correction to $12,000. He highlights the occurrence of previous black swan events and suggests that the current upward trend signifies an accumulation phase before an anticipated surge in value. With the potential launch of an ETF and Bitcoin’s recovery from recent setbacks, it seems unlikely that Bitcoin will experience significant corrections in the near future.
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