BTC/USD to $36,000 next? – Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD retained levels that were reclaimed a day before, including the critical $37,600.
At the moment, all the attention is on the coming days that will show signs of confirmation of rejection or breakout. However, the volatility was already forecast to enter by the weekend.
For famous trader Crypto Ed, the market might also need more bearish tests in the short term before coming back with a severe vengeance. Besides that, it might be a case of bearing and grinning familiar moves.
On Thursday, he told his followers on Twitter what he thinks about the current situation. He said we are close to a correction and a reversal during these days before it will go up again.
BTC to $37k while ETH $2500. It might be a dull day.
He added that in his assumption, BTC/USD seems to correct instead of continuing upward.
Bottom-Hunting Metrics Demand Attention
In the meantime, two new metrics went live this week on monitoring resources in a release for traders. Those metrics specifically try to catch Bitcoin price bottoms.
David Puell, famous for his famous Puell Multiple indicators, created the Delta cap. So, his Delta cap and balanced price provided signs that Bitcoin might soon be in recovery.
Puell added that everyone should watch out for confluence on these events in the next bear.
According to the report from the Cointelegraph, different opinions will continue to focus on seeing a double top pattern on Bitcoin this year, similar to 2013.
In two of these previous bull markets, from local highs were major retracements, standard on its way to ultimate peaks. However, there is nothing unusual about this behavior. That was an opinion of PlanB this week.