It has been a pretty good week for Bitcoin and crypto fans. The price has finally broken the $23,000 deadlock and bigger things are expected going ahead. But not before a correction which will let investors buy the dip. Currently holding the $23,100 level, Bitcoin remains at a risk of slides. In the past few days, there was a big break on the hourly chart of the BTC/USD pair, with support near $23K.
Unless it climbs over $23,250, experts believe the pair could decline in the $22K range. Resistance is currently set at $23,500 and further at $24,000, and it may take a while before Bitcoin heads to that territory. But, compared to recent weeks and speculation, things are finally much better than before. Some believe that the current situation is reminiscent of the 2019 bull revival which could put Bitcoin and many altcoins in the territories we dream of so much.
BTC’s Price Correction Begins
Bitcoin’s price correction is well underway. For a bit, it managed to get over $23,800, but it couldn’t push past the $24,000 resistance zone. With a new swing just below $24K, the price saw a downside correction, although not a dip as we’ve seen in the past few months. The low is formed at a precise point of $22,519. The price is currently correcting losses, with the next major resistance at $23,200.
The key thing that needs to happen right now is breaking past the $23,250 level. Unless BTC reaches that point, the downside correction will continue. The good news is that the support line is at $22,650, so no major drawbacks are expected. If anything, many will see this as an opportunity to buy the dip and make profit moving further ahead.
If you believe stats and machines instead of experts, more good news will follow. According to a recent report, machine learning algorithms at PricePredictions have put the world’s biggest cryptocurrency by market volume in the mid-$24,000 level by the end of February. This AI program uses different technical indicators and other stuff to forecast the price by a set date, in this case February 28.
Bull Revival Happening?
It’s too early to tell if this is the same situation as the 2019 bull revival, but it certainly looks like it. Four years ago, Bitcoin’s climb coincided with the fed taking its foot off the pedal. It’s happening now too, which coincides with a 40% climb for Bitcoin in January. The Fed is planning for a slower rate increase in the following months, so many believe a big price climb is on the books.
Just to remind you, Bitcoin climbed 250% in the mid-2019 bull revival. While that might be difficult right now, there’s no question that the potential is there. The current market conditions are in favor of such a thing which will see the biggest cryptocurrency on a run like never before. Many people dream of such a scenario, and while we prefer to be cautious, it would be a dream.