Bitcoin (BTC) circled $88,000 on Sunday as traders braced for fresh volatility into the weekly close.
Key points:
Bitcoin market participants have mixed views over short-term BTC price action with the market stuck below $90,000.
Six-figure BTC price forecasts contrast with preparations for a return to $70,000.
Binance inflows are among the causes for concern, says analysis.
Trader: Bitcoin bullish breakout in “next few days”
Data from Cointelegraph Markets and TradingView showed modest moves in a defined weekend range for BTC/USD.
The pair traded within a $5,000 corridor for its eighth day, and the trading community increasingly saw a breakout attempt coming next.
“$BTC relief rally could happen soon,” crypto analyst and entrepreneur Ted Pillows wrote in part of his latest analysis on X.
“A pump towards the $98,000-$100,000 level before the next leg down.”
An accompanying weekly chart compared relative strength index (RSI) bearish divergences now and through 2021, the final year of Bitcoin’s last bull market.
Pillows added that buyer pressure needed to stop the 100-week exponential moving average (EMA) crossing below its equivalent simple moving average (SMA).
“The last 2 instances caused a 40%-50% $BTC crash within 4-6 weeks,” he warned.
Trader Captain Faibik was among those boldly calling for an imminent shift to a bullish trend.
“In next few days, Bitcoin will breakout & then everyone will rush in with FOMO entries which won’t be beneficial,” he predicted on the day, calling the BTC price correction “complete.”
Trading account Korinek_Trades saw fresh all-time highs coming, albeit with a possible fresh macro low first.
“We should still see another higher high for blue W5 up to ATH complete a 5 wave structure,” an X post stated, using Elliott Wave theory to draw Bitcoin’s next move.
“Projecting upside targets to 150K.”
Back to $70,000 BTC?
To the downside, onchain analytics platform CryptoQuant eyed an incoming rematch with old highs around $70,000.
Related: Bitcoin RSI nears three-year lows vs. gold as analyst sees bullish comeback
Bitcoin, it said on the day, remained “fragile” and prone to a drop toward areas of stronger buyer interest.
“The next major downside target lies at the high-demand zone between $70,000 and $72,000, where stronger buyer interest is expected to emerge,” contributor CryptoOnchain wrote in a “Quicktake” blog post.
CryptoOnchain additionally flagged increasing BTC inflows to Binance as a reason to expect downward price pressure.
“The combination of a technical breakdown below the $90K level and the injection of $1.4B worth of BTC into Binance significantly increases the probability of a corrective move toward the $70K–$72K demand zone,” the post summarized.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
