Bitcoin (BTC) has begun to recover this week after experiencing sharp declines. As the price of Bitcoin climbs to $89,000, the only question on everyone’s mind is, “Will the rise continue?”
Cryptocurrency data analytics platform Delphi Digital stated in its latest analysis that Bitcoin needs to surpass $103,500 to enter a new uptrend.
Analysts said that $103,500 is key to the revival of the upward trend in Bitcoin, and stated that the current situation of BTC is critical.
The analyst firm noted that in the current situation, an Elliott Wave ABC pattern could occur, which involves an upward move, followed by a decline, and then a rebound.
At this point, Delphi Digital noted that a decisive breakout above $103,500 is needed after the ABC correction is complete for this bullish outlook to be validated.
Conversely, the analyst firm noted that if the current recovery forms a lower high below $103,500, it could be viewed as a bearish scenario.
Analysts stated that if this happens, there could be a larger pullback in Bitcoin and the decline could last longer.
Delphi Digital recently noted that stablecoins should also be taken seriously. “Tether (USDT) dominance has broken through its long-term downtrend line, reducing its weekly supply,” it said. “This trend is far from the ideal environment that would precede a sustained rally.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/analysis-firm-the-risk-is-not-over-for-bitcoin-btc-this-level-must-be-exceeded-for-a-new-uptrend/
