Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May
This week Bitcoin's rollercoaster ride continued with volatility attributed to several factors
Market Volatility
$BTC price swung from $64.7k to $56.5k due to a dovish Fed meeting BTC & ETH ETFs launch in Hong Kong, and post-halving correction
Altcoin Uncertainty
Wide price spread triggered uncertainty in the altcoin market, indicating a lack of dominance by bulls or bears
Trader Sentiment
A recent four-day rally tilted sentiment in favor of buyers, hinting at a potential for a higher rally
Correction Trend
BTC witnessed a steady correction, dropping from $72.7k to $56.5k over four weeks However, an upswing broke the resistance trend of the falling channel pattern signaling a potential end to the correction trend
Whale Accumulation
On-chain data by Lookonchain revealed aggressive accumulation by a whale, adding 1,500 BTC ($88.25M) in two days, on top of previous purchases totaling 4,380 BTC ($282.38M)
Technical Analysis
Exponential Moving Average (EMA):* BTC price back above 20-&-50-day EMAs aligns with broader bullish rally sentiment
Average Directional Index (ADX):* Daily downtick in ADX slope (26%) suggests weakening bearish momentum
What's Next
If BTC sustains above the channel pattern, expect a rally to $67.45k, followed by $74.38k