Bitcoin Bull Run: Higher Time Frames Still Bullish Despite Correction

0 6

Bitcoin (BTC), the largest cryptocurrency in the market, has been trading sideways since experiencing a drop of over 5% on Monday. Despite this decline, Bitcoin has found support at $27,200, preventing further drops that could potentially jeopardize the next bull run of the leading cryptocurrency.

However, many investors wonder whether Bitcoin will show any signs of recovery shortly. Will the cryptocurrency market see a resurgence of bullish sentiment, or will the current bearish trend continue?

Bitcoin’s 70-Day Correction, Is May 19th The End Date?

Jesse Olson, an experienced cryptocurrency analyst, has recently shared his insights on Bitcoin’s performance since the bottom. According to Olson, Bitcoin has experienced two major breakouts since its lower lows, with the first resulting in a 54% gain and a subsequent correction of 22% that took 70 days from a pivot low to a pivot low. The second breakout has resulted in a 58% gain, followed by a current correction of 13%.

Bitcoin

knife

However, Olson points out that Bitcoin’s price could reach the third target if the second breakout experiences a -22% correction. He also notes that if it takes 70 days from pivot low to pivot low, this correction will last until May 19th. It’s important to note that these scenarios won’t be the same, but higher time frames are still bullish.

Furthermore, if Bitcoin fails to hold its current trading level at $27,400, it risks losing its 50-day moving average. Despite this, the cryptocurrency’s biggest support floor is still thousands of dollars below its current mark, at $24,600, noted by the yellow line below (200dMA). According to Jesse Olson’s analysis, this level would represent one of the three targets if the decline continues.

Bitcoin Signs Point To Prolonged Volatility Suppression In Bitcoin Market

The cryptocurrency market has been characterized by prolonged volatility suppression in recent days. According to the analysis firm King Fisher, this is causing a sense of “pent-up energy” that is expected to be unleashed. Signs show that the market is setting up to hunt x20 leverages, which has caught the attention of the analysis firm. 

King Fisher’s analysis suggests that the current calm in the Bitcoin market may be the calm before the storm, with a potential surge in volatility looming. Furthermore, per King Fisher’s analysis, the cryptocurrency market is currently experiencing a short ratio hovering around 60-70%, indicating a potential short squeeze. 

In addition, motivated sellers who are in a rush to convert their assets into cash are appearing on the scene, potentially missing out on potential upside gains. One key player in the recent marginal seller in the Bitcoin market could be linked to Digital Currency Group’s (DCG) potential sell-off of some assets to restructure its financial plan to pay to its subsidiary Genesis. 

Meanwhile, the open interest (OI) in the Bitcoin market remains fairly stable, with many investors waiting for a settlement or locking in synthetic USD. This suggests that many investors are cautious, waiting for more certainty before making any major moves.

Despite the uncertainty, many experts remain bullish on the long-term prospects for Bitcoin and other cryptocurrencies. With increased adoption and institutional investment, the cryptocurrency market will likely continue to play a major role in the global financial landscape for years.

Featured image from Unsplash, a chart from TradingView.com

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,085.24
ethereum
Ethereum (ETH) $ 3,532.80
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 601.56
solana
Solana (SOL) $ 183.54
staked-ether
Lido Staked Ether (STETH) $ 3,530.88
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.600374
dogecoin
Dogecoin (DOGE) $ 0.140737
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.442354
avalanche-2
Avalanche (AVAX) $ 32.61
tron
TRON (TRX) $ 0.134511
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,098.25
chainlink
Chainlink (LINK) $ 14.94
polkadot
Polkadot (DOT) $ 6.42
bitcoin-cash
Bitcoin Cash (BCH) $ 399.42
near
NEAR Protocol (NEAR) $ 6.34
uniswap
Uniswap (UNI) $ 8.14
litecoin
Litecoin (LTC) $ 73.80
dai
Dai (DAI) $ 0.999982
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,687.00
matic-network
Polygon (MATIC) $ 0.54832
internet-computer
Internet Computer (ICP) $ 10.79
kaspa
Kaspa (KAS) $ 0.179228
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.51
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.10592
monero
Monero (XMR) $ 163.97
blockstack
Stacks (STX) $ 1.99
mantle
Mantle (MNT) $ 0.881344
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.81
arbitrum
Arbitrum (ARB) $ 0.802625
maker
Maker (MKR) $ 2,885.21
hedera-hashgraph
Hedera (HBAR) $ 0.074421
immutable-x
Immutable (IMX) $ 1.69
crypto-com-chain
Cronos (CRO) $ 0.09522
okb
OKB (OKB) $ 42.44
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.70
vechain
VeChain (VET) $ 0.030789
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 34.17
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.8525
the-graph
The Graph (GRT) $ 0.220457
floki
FLOKI (FLOKI) $ 0.000209
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,952.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,579.46
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,664.72
lido-dao
Lido DAO (LDO) $ 1.95
theta-token
Theta Network (THETA) $ 1.66
thorchain
THORChain (RUNE) $ 4.89
notcoin
Notcoin (NOT) $ 0.016047
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.540919
aave
Aave (AAVE) $ 99.77
coredaoorg
Core (CORE) $ 1.64
jasmycoin
JasmyCoin (JASMY) $ 0.03042
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.145008
celestia
Celestia (TIA) $ 6.74
pyth-network
Pyth Network (PYTH) $ 0.36783
algorand
Algorand (ALGO) $ 0.160065
sei-network
Sei (SEI) $ 0.392764
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,524.18
mantra-dao
MANTRA (OM) $ 1.38
quant-network
Quant (QNT) $ 76.46
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.87
flow
Flow (FLOW) $ 0.656371
beam-2
Beam (BEAM) $ 0.019558
gala
GALA (GALA) $ 0.026568
msol
Marinade Staked SOL (MSOL) $ 220.30
kucoin-shares
KuCoin (KCS) $ 10.00
axie-infinity
Axie Infinity (AXS) $ 6.43
bitcoin-sv
Bitcoin SV (BSV) $ 47.87
popcat
Popcat (POPCAT) $ 0.954497
eos
EOS (EOS) $ 0.611905
flare-networks
Flare (FLR) $ 0.020347
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,590.52
ethereum-name-service
Ethereum Name Service (ENS) $ 27.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.08
dydx-chain
dYdX (DYDX) $ 1.46
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.47
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.10
mog-coin
Mog Coin (MOG) $ 0.000002