Bitcoin (BTC) Price Rally Picks Up! $55K Predicted to be Next Stop

The crypto market on Tuesday looks for recovery as Bitcoin Price is climbing up towards $49K, Ethereum has cleared resistance at $4K. All other altcoins on the chart too are recovering from their losses gradually.

Bitcoin price action 

Bitcoin’s price dropped below $46,500 once more. Although BTC fell below $46,000, bulls remained active near the $45,500 support zone.

The price has recovered higher after forming a low near $45,600. Near the $45,500 level, it appears that the price is building a double bottom pattern. 

Bitcoin price is now trading near $48,800 and the 100 hourly simple moving average. It cleared resistance at $47000 and is set to face major resistance at $50000. However, in case of a downtrend, BTC could slip back to $47K level and trade down to $46K.

Recovery not easy?

A well-known crypto strategist and trader predicts a large Bitcoin bounce but cautions that the recovery will not be linear.

Credible Crypto, a pseudonymous crypto expert, tells his Twitter followers that Bitcoin (BTC) has cut a local bottom and is now set to spark a relief rally. 

“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now I think we are clear for our relief to $55,000+.”

Although Credible is bullish on Bitcoin in the long run, he believes it will make a lower high at $55,000 before undergoing another large downturn.

He thinks that BTC will see some relief in the next week or two, but will have one more swing below $42,000 but above $30,000 to finish the flat structure.

The Elliott Wave Theory is being used by crypto analysts. According to Credible, Bitcoin is still in wave four of a five-wave rally, which is the corrective phase. A dip below $40,000, according to the crypto trader, will finish the fourth wave and put BTC in a position to start the fifth and final wave, which will take it above $100,000 by July 2022.