Bitcoin has produced impressive price results over the past two weeks, shifting from about $85,000 to deals up to $97,700. However, despite recent bullish performance, the prospect of long-term price increase in the BTC market has not been confirmed. Currently, major cryptocurrencies continue to trade in the $96,000 price range, as the market continued to consolidate a 4% price rally in the first two days of May.
If the price recovery fails, Bitcoin risk drops to 50,000-$60,000
In the May 3 X post, the digital market experts at Balo X controller highlight the necessary price conditions required for Bitcoin to retain its bullish market structure in the short term. Balo uses Elliott Wave theory and Fibonacci extension level/reverse connector level, highlighting on the weekly BTC/USDT chart that Bitcoin peaks at about $97,000, which is consistent with the top of Wave 5.
Elliott Wave theory operates on the premise that price transfers occur in recognizable patterns of repetition. Usually, it consists of two phases – the pulse phase (wave 1-5), representing the current market trend, followed by the callback phase, namely the correction phase (Wave ABC).
After completing the 5th wave of the impulse phase, the price usually enters the pullback phase. Therefore, Balo’s analysis shows that Bitcoin may make a price correction after its latest price rally.
However, if Bitcoin recovers its next price resistance at $102,000, this bearish forecast can be invalidated, confirming long-term bullish intentions. If the price rejection price is $102,000, A Wave A will start raising the BTC price to around $70,000.
Thereafter, there will be a slight relief bounce to around $102,000, marking the wave B set in the last corrective wave (C) setting, bringing the price of Bitcoin as low as $50,000 to $60,000. Interestingly, Barrow predicts that Bitcoin will re-enter the bullish market after this correction and is likely to trade up to $122,000.
BTC price forecast
At the time of writing, Bitcoin was trading at $96,106, reflecting a 1.31% drop in price over the past day. Meanwhile, the asset’s daily trading volume fell by 38.19%, indicating a significant decline in market interests despite recent growth. According to Concodex data, general sentiment in the Bitcoin market is bullish and investors show strong greed.
Under market conditions, Coincodex analysts predict that Bitcoin will maintain its upward trend in the short term, reaching a price of $119,528 in five days. However, they also expect price corrections, followed by a larger price breakout, which is the price target of $111,747 in one month and $136,026 in three months.
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