Trader outlines prospects for Bitcoin price growth

A practicing trader and founder of the project Crypto Shaman Vadim Shovkun.

Fear remains the dominant mood in the cryptocurrency market, as most participants regard a decline in Bitcoin’s price as the baseline scenario. We try to parse the latest signals and form our own view.

On medium timeframes, a break in the LH&LL structure occurred at two points. This also led to the removal of two bos.

A coordinated breakout from two descending channels with solid consolidation. The S&P 500 index is forming bullish momentum, with aggressive pullbacks and rising lows.

A negative signal is that Bitcoin failed to hold above $49,500 — a key resistance level by many indicators.

Bitcoin’s price failed to impulsively break above $49,500, so a small pullback in the S&P 500 is likely to push the price of the first cryptocurrency down to $47,200–$47,600. In this zone, long setups can be sought, with targets above $50,000. This is the main scenario.

A less likely scenario is a drop further to $45,600, followed by a further squeeze down. But as long as Bitcoin does not slip below $47,000, the trajectory can be reasonably viewed as favouring a move above $50,000.