The weekly death cross on the Bitcoin market is slowly catching up with the bulls after posting profitable weeks in Q1 and the first month of Q2 2023. With Bitcoin’s dominance having been rejected at slightly above 48 percent, which resembles a perfect double top with a falling RSI daily divergence, crypto traders’ attention has significantly shifted to the altcoin market. More so the meme coins following the recent breakout of PEPE and WOJAK coins.
Notably, more than 76 percent of Bitcoin’s liquidations in the past 24 hours, about $65.42 million, were long traders. Meaning Monday’s capitulation met most Bitcoin traders by surprise. Nevertheless, a Bitcoin short squeeze could occur at current levels if more whales outperform short traders.
BTC Price Analysis
In a recent YouTube video, popular and pseudonymous cryptocurrency analyst Cheeky Crypto analyzed Bitcoin price from a short-term perspective. In his May 1 analysis, the analyst noted that Bitcoin price could be headed below $25k in accordance with Elliott Wave theory.
Currently, the analyst thinks Bitcoin price is on the cusp of wave three, which has the potential to push Bitcoin price below $25k
“We are heading down in my opinion towards $24.8k, which is our 1.618 target range for making this an impulsive structure,” a cheeky crypto analyst noted.
Bigger Picture
From the same Elliott wave theory, Bitcoin price is about to enter the last phase of its new year relief rally. In that regard, Bitcoin price could find weekly temporary support of around $25.4k, which acted as strong resistance in August last year and February this year. Meanwhile, the altcoins are expected to register gains in the coming days before traders begin taking profit in Bitcoin and the stablecoins market.
Source: https://coinpedia.org/bitcoin/can-bitcoin-price-drops-below-25k-heres-what-btc-traders-can-expect-next/