Bitcoin’s price has been under pressure lately, showing a notable decline. XForceGlobal, a crypto analyst, has provided an analysis of the state of Bitcoin, highlighting crucial support zones and potential market scenarios.
Moreover, BTC’s price hovers around $52,790, according to CoinGecko data. This represents a 12.40% and a 23.96% drop over the past day and week.
Amid this volatility, crypto analyst XForceGlobal has identified a crucial support zone that could determine Bitcoin’s future trajectory.
What you'll learn 👉
Bitcoin Price Analysis
XForceGlobal’s analysis shared on X highlights what they term the “last resort support zone” for Bitcoin bulls. This zone, depicted as a green box on their chart, spans approximately from $44,000 to $51,000.
Moreover, the analyst emphasizes the critical nature of this level, suggesting it could be the final opportunity for bullish investors to make their stand.
The current market situation presents a unique scenario, according to XForceGlobal. They point out the presence of two consecutive CME gaps, a phenomenon described as “unheard of” and “basically an anomaly.”
These gaps in the Bitcoin futures market often serve as targets for price action, potentially influencing future movements.
XForceGlobal’s analysis employs Elliott Wave theory, a method used to predict market trends. Their chart annotations suggest Bitcoin is in a corrective phase, with the possibility of either continuing this correction or initiating a new impulse wave.
Bullish vs. Bearish Scenarios: What to Watch For
The analyst presents two potential scenarios moving forward. In the bullish case, if Bitcoin’s price holds above the identified support zone and fills the CME gaps, XForceGlobal expresses “high conviction” for a continuation toward new all-time highs.
Conversely, a bearish outcome looms if the price breaks below the support zone.
XForceGlobal advises market participants to remain neutral amidst the current chaos. They suggest that breaking below the support zone could trigger a shift in strategy.
This would potentially open opportunities to short the market in anticipation of a larger downward move. This balanced approach highlights the uncertainty in the current market climate.
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The Wild Card: Back-to-Back CME Gaps
The presence of two back-to-back CME gaps adds an intriguing element to Bitcoin’s price action. XForceGlobal views this as a possible “wild card” that could support a bullish continuation to new all-time highs.
However, they caution that this may be the last such opportunity with high conviction. Besides, BTC’s drop, the identified support zone between $44,000 and $51,000 becomes a focal point for traders and investors.
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