“The good times will be temporarily over once again on Thursday, one trader predicts, despite this week’s 20% gains.
Bitcoin (BTC) neared $38,000 in a strong comeback on June 10, but forecasts are mounting over an imminent retracement.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewPrice drop on the menu for ThursdayData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $37,500 overnight on Wednesday, maintaining higher levels since.Versus its lows at the start of the week, the pair was up over 20% at the high.However, despite its gains, few traders believe that Bitcoin will stay strong for long. As Cointelegraph reported, demands for a dip below $30,000 support have remained in play throughout recent days.According to popular Twitter account Crypto Tony, Thursday will mark the day that the cooldown takes hold. He had previously mapped out a possible dip to around $27,000 in line with various other predictions.”So will today be the day we get that wave 2 drop or the C wave drop on Bitcoin,” he wrote in his latest update. “Either way I will be looking to buy this retracement, but just depends where we stop off too.”Crypto Tony’s BTC/USD scenarios as of June 9. Source: Crypto Tony/ TwitterFellow trader Crypto Cobra meanwhile demands a broad 20% correction for the entire crypto market cap, something of which he remains convinced provided that BTC/USD is below $42,000.Optimistic floor now at $32,000Others were less brazen with their projections. Analyzing the 4-hour chart on Thursday, Crypto Ed considered a bounce level nearer $32,000 should another leg down be necessary.”Not really clear this morning, hard to find the pieces of the puzzles and I could be totally wrong, hence only a 4hr chart,” he explained. “As long as I don’t see a strong rejection, I stick with this bullish scenario (because I like the reactions from the perma bears who didnt buy the dip).”Crypto Ed’s BTC/USD scenarios as of June 10. Source: Crypto Ed/ TwitterGood news from multiple sources has buoyed the Bitcoin narrative in particular in recent days. El Salvador’s adoption announcement seemed to have a latent impact on markets, while on Wednesday, $157 billion asset manager Victory Capital joined the crypto bandwagon.”
Source: Cointelegraph.com News