Bitcoin Correction Is Around The Corner, Trader Says

There is a trader who accurately predicted the lowest price of Bitcoin during the bear market in 2018.

According to this trader, Bitcoin may experience a dip after reaching a new high in 2023.

The trader, who goes by the name Bluntz on Twitter and has over 223,100 followers, believes that Bitcoin may undergo a corrective move after a five-wave rally that caused its price to rise from under $25,000 to over $30,000. Bluntz shared a chart that indicates BTC could fall below $29,000 before continuing to rise.

“This bull flag break unfolded perfectly and even pushed up into a fresh high marginally.

We can now see a five-wave rise on the four-hour chart so would not be surprised to see a bit of a pullback start here to trap all the late longers before the next proper leg higher.

Definitely not the spot to be FOMOing (fear of missing out) in now, in my opinion.”

According to Pentoshi, if Bitcoin closes above $30,166 per day, it could reach $32,000.

However, in a less optimistic scenario, Bitcoin may drop to approximately $29,000 before recovering and reaching $32,000.

“Locally a good spot to watch the BTC daily close on if we close back below the previous highs. Either way, I think we make it to $32,000.

$29,000 current support on low timeframe/mid timeframe.”

An esteemed on-chain analyst, Willy Woo, has suggested that Bitcoin (BTC) may have further growth potential following its recent breakthrough of the $30,000 mark. Woo has shared with his one million Twitter followers that he is closely monitoring Bitcoin’s fundamental strength indicator, which tracks 17 key technical and fundamental indicators.

The analyst predicts that Bitcoin could potentially surge over 30% from its present value of $30,555 before the top digital asset reaches an overbought condition.

“If this move completes, here’s a chart to give an idea of how much room we have to move before it’s fundamentally overheated.

By fundamentals, I mean what’s happening across the BTC network… miners, cost basis of latest investors, experienced hands selling, technicals, etc.”