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Bitcoin- One more top before big drop?

By Mihai_Iacob
Updated

After breaking above the 45k resistance, BTCUSD soared, reaching a high of 53k. If we calculate the recent leg up started after the ETF's release, the rise is around 30% in just a month or so, which is significant, even for BTC. Technically, the trend is still strongly upward, and as we can see from the chart, after reaching 50k for the first time in the last 2 years, dips are constantly being bought.

snapshot

Looking at the short-term picture, the price is contained in a rectangle, which is a continuation pattern. A break above 53k should lead to a new high around 54,500.

However, with the price so stretched to the upside, a correction is imminent, and in my opinion, short-term speculators should use these new highs as an opportunity to open short trades.

My target for this drop is 45k, with respect to the 48-49k zone.


Note
Yesterday, Btc had a new attempt to rise above 53k and failed again
The strong volatility could suggest a top is already in place and a drop under 50k is imminent.
I remain outside, but with a bearish outlook and in search of selling opportunities

snapshot
Note
While a new spike up is still possible, the situation is beginning to look unfavorable for BTC bulls, with the price pressing against the support provided by recent lows. Regardless of the short-term movements — whether a new high occurs or not — my medium-term idea remains unchanged: a drop, at least to 45K.

Let's examine this with clarity: regardless of our bullish sentiments, this represents a move of only 10%.
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Mihai_Iacob
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