Bitcoin price prediction: Correction likely before $59k, analyst


TL;DR Breakdown

  • Bitcoin price prediction expects a correction towards $57000 before rising.
  • Current support exits at $57700.
  • Strong resistance lies at the $58800.
  • Inverse head and shoulder pattern signalling another rise towards all time high.

Bitcoin price prediction as expecting some immediate correction after retesting towards the $60000 mark. The king hit the all-time high on the 14th of March but was only able to maintain the high above the $60000 mark for less than 48 hours. The drops to $56000 range on 15th March, and $54000 range on 16th March are now proving to be an important corrective measure before forming new highs in the market. With the third wave of COVID-19 hitting the globe the prices are likely to increase perpetually once the king is stable past $60000.

Bitcoin price prediction: Correction likely before $59k, analyst 1
Bitcoin price prediction: chart by Trading View

At the time of writing, Bitcoin is trading hands with USD at $58150 apiece. Despite the drop technical indicators are standing at the strong buying position, however, analysts expect further correction below the $58000 mark. Out of the 15 moving averages, 14 stand at strong buy with one neutral indication. While out of the 11 oscillatory indicators only one stands at a buy indication, one at sell and nine stand at neutral indications.

The most important indication is the inverse head and shoulder pattern forming on the weekly chart which is likely to push the prices above the $5900 mark in the days to come. The corrective drops to $56000 and $54000 now seem to be serving as strong support points to retest the $59000 high.

Bitcoin price predictions: What to expect?

Analyst Quant Guy explains in his Bitcoin price prediction that the king has broken out from the corrective Elliot Wave impulse after breaching the $57700 resistance level. He furthers that his long term indicator Kovach on balance volume is now showing a good level off at the time of writing.

Bitcoin price prediction: Correction likely before $59k, analyst 2
Bitcoin price prediction chart by Trading View

Guy believes that this is a deciding point for the king of cryptocurrencies, one of the likely outcomes is further correction back towards $57700 mark while a break out from the current resistance levels can take the king as high as $61500.

Although using different technical indicators, analyst Rocket Bomb’s Bitcoin price prediction is concluding similar results, however, with a stronger rationale for correction towards the $57700 mark.

Bitcoin price prediction: Correction likely before $59k, analyst 3
Bitcoin price prediction chart by Rocket Bomb

Bomb explains that the two different indicators are showing different results marking a strong divergence. The 1-Day indicators are showing an ascending channel, however, the shorter-term indications show a descending channel towards the $57700 mark. Bomb advises that in such market periods, it is very important to correctly calculate the position size and not be greedy!

Lastly, analyst BitFink explains in his Bitcoin price prediction that the king missed the higher retesting target by a small margin, but regardless of the missed hope are still high that the king would get past the $59000 and $60000 marks soon.

Analyst Peter Brandt is also of the view that the bullish streak is likely to carry the king of cryptocurrency to new heights with a comparative chart of the 2015-2017 and 2018 to date charts. Brandt believes that higher highs are still in order for the king and the overall cryptocurrency market growth.

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