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Although the bears held a strong grip for the past few days, Bitcoin continued to trade under the bullish influence. The bullish patterns in the long-term chart indicate a massive price action may be on the horizon lifting the price high. Even though the BTC price still trades below these levels, it flashes bullish signals that may test the higher targets.
Fidelity’s filing for the Bitcoin ETF after Blackrock could be one of the main reasons for the bullish push. Blackrock has $10 trillion in assets under management, and Fidelity has $4.5 trillion. It is assumed that if both companies allocate a small share of them in Bitcoin, then they may buy every single BTC available on exchanges. Hence, the ETF approval may be a game changer for the entire crypto space.
Secondly, the BTC price broke out from a bullish pattern, which may trigger a significant recovery very soon.
The Bitcoin price has maintained a healthy upswing since the beginning of the year 2023. Although the bears marked their presence, the price continued to halt the descending trend and trigger a notable recovery. Presently, the price has broken above the falling wedge and a bull flag, that may elevate the price soon. The price faced a minor rejection after testing $27,000 but appears to be self-assured of marking new highs for the month.
Hence, the price is required to maintain a healthy upswing and secure levels above $27,355 by month-end. This market sentiment is believed to flip during the second half of 2023 which may spark a fine rally ahead. Therefore, a bullish close for June may spark a price rise beyond $32,000 and head towards $40,000 by the end of the year.