Popular traders CryptoWendyO and Cheds consider where Bitcoin could go up next.
Bitcoin price is falling in recent days. Even though it has recovered from the weekly lows, the asset’s trajectory remains uncertain, said CryptoWendyO, a cryptocurrency trader on Twitter.
“Daily timeframes don’t look good as they’re having a hard time sustaining $ 50K. I feel as if they’ll go up to $ 51.6K. ”
“From there, I would be cautious as the rejection could lead back to the $ 50K – $ 45K range. Breakout can be quick to $ 42-38K with a glorious rally. The invalidation will be a permanent consolidation at $ 52K. ”
After hitting a record high of around $ 58,360 in February, Bitcoin dropped to around $ 43,015 in the following days. The top digital asset has since risen back up to around $ 52,660, before resuming price action plunging below $ 50,000. Bitcoin is trading at around $ 48,500 at press time.
Cheds, a trader with a level I CMT certificate, is expecting more consolidation from BTC above the critical 42K level. He also tweeted with a chart of his range expectations.
“The big question is whether the recent 27% correction has been enough to take us to a new high,” says Cheds. “In the meantime, we will watch the daily tightening range of lower highs and higher lows.”
Some technology stocks have also fallen in price recently. In which, MicroStrategy shares fell 50% from ATH on February 9.