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July 19, 2024
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Crypto Tony Issues Warning: Bitcoin Price To Retest $28k Before Rally

The post Crypto Tony Issues Warning: Bitcoin Price To Retest $28k Before Rally appeared first on Coinpedia Fintech News

In recent weeks, Bitcoin (BTC) has faced challenges in surpassing the $31k mark, despite a sudden recovery from trading below $25k. The initial optimism surrounding Bitcoin’s bullish outlook, fueled by the ETF frenzy, has started to fade away. The United States Securities and Exchange Commission (SEC) raised concerns about the lack of clarity and comprehensiveness in the filings for Bitcoin ETFs.

Read More: SEC Slams BlackRock and Fidelity Bitcoin ETF Filings: Are The Markets in Jeopardy?

As a result, the path to a breakout above $40k appears uncertain until the current resistance level is overcome.

Crypto Tony Identifies Bitcoin’s Weakness

Renowned cryptocurrency analyst, Crypto Tony, known as @CryptoTony_ on Twitter, emphasizes the need for Bitcoin bulls to take action at the $31k level in order to sustain the current rally. Failure to do so could result in a retracement towards $28k, enabling further accumulation of buying pressure before a potential breakout.

Positive Indicators for BTC’s Price

When examining the daily outlook, Bitcoin’s price has demonstrated a tendency to form higher lows, indicative of a rising trend market. Moreover, the 50 and 200 daily Moving Averages (MAs) have served as robust support levels, positioning Bitcoin favorably for potential upward momentum in the coming weeks.

From an Elliott wave perspective, Bitcoin’s price may be approaching the final phase of wave five, signaling a potential ABC correction. However, it is crucial to acknowledge the likelihood of intermediary volatility within shorter Elliott waves, which could lead to corrections within a larger wave structure.

Altcoins in the Lead

In the midst of the recent rally, altcoins like Bitcoin Cash (BCH) and Litecoin have taken the lead. This development is expected to further decrease Bitcoin’s dominance in the days ahead. As of Monday, Bitcoin’s dominance stood at approximately 51 percent, having previously reached a peak of 52.16 percent over the past two weeks.

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