Lorenzo Stroe
Independent Analyst
- Bitcoin price lost a crucial support level at $34,000 as bears take control.
- The digital asset could be poised for a stronger pullback below $30,000.
Bitcoin has been trading inside a tightening range for the past week without a clear direction. However, in the past 24 hours, the bears have taken over and managed to push Bitcoin price below a crucial support level.
Bitcoin price can see a correction down to $28,000
On the 4-hour chart, Bitcoin established a symmetrical triangle and has experienced a significant breakdown below $34,000 down to $31,300. The price target of BTC seems to be at around $27,200.
BTC/USD 4-hour chart
This target seems to coincide with Peter Brandt’s theory about BTC. Brandt is a veteran trader and analyst and believes Bitcoin price could touch $27,290, which would be a 35% correction from the top.
BTC IOMAP chart
Meanwhile, the In/Out of the Money Around Price (IOMAP) chart shows very tame support on the way down with the most significant area located between $30,400 and $31,300. A breakdown below this range could drive BTC to that $27,290 price target.
However, Brandt also states that this could simply be a healthy correction of the recent massive bull rally that took Bitcoin above $40,000.
As of the current chart structure -- and things can change quickly -- advances above 37857 and 40127 would begin to suggest that this current 2-plus week congestion is a simply pause in the ongoing bull trend.
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