Will $BTC Hold $60K Support or Slide into Prolong Correction?

Crypto Price Prediction: The cryptocurrency market experienced high volatility this week projecting no clear initiation from bull or bear as Bitcoin price wavers around $60000. This sideways action in BTC bolstered several top altcoins for renewed recovery, but the buyers still lack sufficient momentum to sustain growth.

Santiment reports a significant decrease in Bitcoin’s on-chain activity, hitting the lowest levels since 2019 despite reaching a record high two months ago. This decline in transaction volumes and active addresses reflects increased fear and indecision among traders, rather than predicting further price dips.

Key metrics show a reduction in transactions and active addresses, with whale transactions at their lowest since December 2018, indicating even large-scale investors are cautious amidst current market uncertainties.

Also Read: Top 4 Crypto To Sell To Avoid Being A Poor Crypto Investor

1) Bitcoin (BTC)

Bitcoin (BTC), the first and most well-known cryptocurrency, functions primarily as a decentralized digital currency and store of value. It operates on a blockchain network secured by a proof-of-work (PoW) consensus mechanism, making it resistant to censorship and fraud.

Bitcoin (BTC)| Tradingview

The current correction trend in BTC price can be traced using two converging trendlines that reveal a wedge pattern formation. With the overhead supply intact, the buyers struggle to drive a sustainable recovery and consolidate around $60000.

By the press time, Bitcoin currently holds a market cap of  $1.2 Trillion and 24-hour trading volume is at $13 Billion.

Thus, a breakout from the wedge pattern’s upper resistance is crucial for buyers to end the current correction. The potential breakout will provide a better signal to drive a recovery rally to a $73700 high.

Also Read: Bloomberg Reveals Reasons Behind Bitcoin, ETH, SOL, XRP, SHIB Prices Crash

2) Toncoin (TON)

Toncoin (TON) is the native cryptocurrency of The Open Network (TON), originally initiated by Telegram but now developed by an independent community. TON aims to enhance blockchain scalability and user-friendliness, supporting high-speed, low-cost transactions.

Toncoin (TON)| Tradingview

Defying the current consolidation, the TON price has shown a sharp upswing since the onset of May. Within two weeks, the coin price jumped $4.6 to $7.047 registering a 53.16%. The market cap of Toncoin also surged to $24.4 Billion, maintaining its position as the eighth-largest cryptocurrency.

With sustainable buying, the TON price is likely to breach the swing high resistance of $7.67 and provide buying suitable support to lead the higher rally. As per the traditional pivot level, the post-breakout rally can face overhead supply at $9 and $10 psychological levels.

On a contrary note, if the altcoin faces renewed supply pressure at $7.67, the rising prices enter a sideways trend.

Also Read: Toncoin Price Forecast: Is $TON Recovery Heading to $10 in May?

3) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a meme-based cryptocurrency that began as an experiment in decentralized spontaneous community building. Initially created as a fun alternative to Dogecoin, SHIB stands out due to its massive and engaged community, often referred to as the “ShibArmy.”

Shiba Inu (SHIB)| Tradingview

In the daily chart, this Shiba Inu coin shows a texted example of symmetrical triangle formation as its price actively resonates within two converging trendlines. This second-largest meme cryptocurrency currently trades at $0.0000225 and holds a market cap of $13.27 Billion. 

For buyers to current consolidation, a breakout above the overhead trendline is needed to release build-up momentum. A successful breakout will push the SHIB price to $0.00003285, followed by $0.0000456.

Also Read: Shiba Inu vs PEPE: Which ERC 20 Memecoin to Buy

Key Takeaway

The Bitcoin price consolidation above $60000 is accelerating the uncertainty among market participants. While the supply press hits a prolonged downfall with the development of a wedge pattern. However, if the pattern holds, the BTC price is under a temporary pullback which often results in a significant rally

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/crypto-price-prediction-12-5-will-btc-60k-or-slide-into-correction/