Summary of the Article
- The Bitcoin (BTC) price surged above $27,000 in the early trading hours indicating the end of a bearish influence.
- The bears seem to be accumulating their strength and may jump into action as the price marks its highs.
- Bitcoin is expected to rapidly drop from $21,000 to $21,500 where-in traders are expected to accumulate heavily. This may trigger a strong rebound that may rise the price levels close to $30,000 in the next couple of weeks.
Recent Banking Collapses Benefit Crypto Space
The whole world is watching with fear as American banks continue to collapse. The recent bank facing issues is First Republic Bank. Cryptocurrency markets have benefitted from this wave of fallouts and Bitcoin made a surprise move above $27,000.
Dissonance between News Background and Price Movements
The market is currently at a stage where there is a certain dissonance between news background and price movements. Bitcoin’s giant price movement may be subjected to massive correction soon or later. The price could potentially rise beyond $28,500 and reach the target of $30,000 but only after certain corrections are triggered.
Price Wave Pattern Suggests Upcoming Correction Phase
As seen in recent charts, BTC prices are trading forming a wave pattern which displays prospects for crypto markets in coming days. The Bitcoin (BTC) price is expected to rapidly drop from $21,000 to $21,500 where-in traders are expected to accumulate heavily. This could trigger a strong rebound that would take prices closer towards reaching potential targets at around $30,000 within the next couple of weeks.
Significant Plunge May Induce Catapult Action over Crypto Market
The upcoming couple of weeks could be very important for Bitcoin and entire crypto space as significant plunge is expected which could induce catapult action over crypto market. These events will further shape up how cryptocurrency markets perform in near future with respect to news background and other macroeconomic factors like banking collapses etc.