Bitcoin Price Prediction: BTC/USD Ripe for a Correction

Βitcoin price BTCUSD
Βitcoin - BTCUSD

Bullish Bitcoin price prediction bets appear to have taken a bit of a cooler after price action on the BTC/USD pair stalled at the 46203 resistance. 

This scenario was not unexpected, as the bullish flag pattern’s resolution took the pair to that price mark and completed the measured move. The current Bitcoin price prediction is for some profit-taking to come into play, allowing for a pullback before bulls re-enter to continue the recovery if the sentiment in the market permits this. Bitcoin price currently trails by 2.08% as of writing.

Bitcoin Price Prediction Outlook

The measured move from the bullish flag has terminated at the 46203 price mark, which is the resistance formed by the lows of 5 March and 13 May 2021. The price is in a slight pullback, but the correction has yet to take root, rebuffed at the 1 March low at 45,000.  A continuation of the advance needs to break 46203, which brings 47500 into focus. Above this level, 50,000 is the next target.

On the flip side, a bearish outside day candle is needed to push the price down to the 43569 support, below which the demand zone that has 42033 as the ceiling comes into the picture as the next downside target.

BTC/USD: Daily Chart

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