Bitcoin Rides Bullish Waves, Targeting $51,000

  • Bitcoin has established its price actions in the $36,250 – $42,650 range within the past seven weeks.
  • BTC has consolidated for over ten weeks before establishing a definitive trend on four different events since 2019.
  • Bitcoin seems to be creating a triangle that might take several weeks before fully developing.

Bitcoin prices usually see long-term consolidation periods. Though range-bound price movements might be tricky, longer stagnation phases translate to a strengthened bullish move for BTC.

BTC Price on a Swift Rebound

Elliot Wave Theory suggests triangle only manifests amid three swings in every letter. Traders interested in scalping the market might presume the triangle’s wave C BTC price unfolds emerged on 24 January at $32,933.

An upward move towards $51,000 seems likely in the coming weeks and is essential to authorize the triangle setup’s D wave. Lower timeframes already exhibit bullish gestures that might validate the bullish picture.

It is vital to consider an alternate case when evaluating long-term patterns. Bears can dominate the Bitcoin market, triggering a downswing to $33K, revealing a 13% price drop.

Long-term investors need to beware that a plummet under the C wave of $32,933 will validate the triangle setup idea. That is because C waves are known for complex corrections.

Touching Wave A around $29,301 will cancel the entire triangle narrative. Meanwhile, invalidating the triangle narrative will welcome steep correction for the crypto. That would see BTC dropping by a further 30 – 40%, exploring support levels at $26.5K and $24K.

BTC settles beyond $42K following sideways and consolidation movements for some days. Price climbs plus above-average volume instill confidence among investors around the support area.

That’s what happened on 3 February and 24 February when Bitcoin climbed to $45,519 and $45,426, respectively. Intensified buying pressure will see BTC climbing towards $45K before hitting the targeted value. Furthermore, momentum oscillators suggest upside strength.

For now, BTC exhibits bearish trends. Analysts remain optimistic about the coin’s movements predicting uptrend continuation. The crypto space saw bullish actions as players await Biden’s executive order on cryptocurrency.

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