- Bitcoin falls short of surpassing $31K mark, disappointing traders.
- Crypto trader predicts significant event in the crypto market.
- BTC’s price could decline to $29,500 or even $28,490 in upcoming week.
Renowned crypto trader and educator Michael Pizzino recently highlighted in a tweet that Bitcoin (BTC) once again fell short of surpassing the $31K mark. Furthermore, he expressed disappointment with the stock market’s lackluster performance over the past 100 days, characterized by insignificant reversals. Drawing from his expertise, Pizzino speculated that a significant event is imminent in the crypto market, suggesting that a major development is on the horizon.
However, Pizzino expressed his continued optimism towards the market leader. The trader believes that Bitcoin is still in its early stages, and it is reasonable to anticipate a strong bullish breakout if the cryptocurrency makes another attempt to surpass the $31K level.
As of publication, the dominant cryptocurrency was valued at $30,818.54, per CoinMarketCap. This followed a slight decline of 0.65% in BTC’s value over the previous 24 hours. Despite this daily setback, the cryptocurrency managed to maintain a positive weekly performance, registering a growth of +1.20%.
From a technical standpoint, BTC’s daily chart shows a bearish ascending wedge pattern formation. If this pattern is confirmed, BTC’s price could decline to the minor support level of $29,500. Further selling pressure may push the cryptocurrency’s price down to as low as $28,490 in the upcoming week.
However, it should be noted that a daily candle close above the $31K level in the coming week will negate the bearish argument. It is worth mentioning that Bitcoin’s recent failure to surpass the crucial $31K resistance occurred yesterday, marking the third unsuccessful attempt within a week to breach this significant price level. This information is important for investors and traders to consider.
Given the current circumstances, it is important to acknowledge the potential for a price correction in BTC over the next few days. In such a scenario, it is plausible that BTC could experience a decline, possibly reaching the 50-day EMA line, which previously acted as a support level at approximately $28,490.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
