Cryptocurrency News

Bitcoin Reaches $37.5K Amid Warning Thursday Next BTC Price Correction Will Be Seen

bitcoin (B T c) moved closer to $38,000 in a strong return on June 10, but forecasts are rising on an imminent retracement.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Prices drop on Thursday’s menu

data from Cointelegraph Bazaar Pro and trading view BTC/USD has maintained an overnight high since reaching a local high of $37,500 on Wednesday.

Compared to its low level at the beginning of the week, the pair was up more than 20% at a high level.

However, despite its gains, some traders believe that Bitcoin will remain strong in the long run. as Cointelegraph Reported, there is demand for a downside break below the $30,000 support level in the recent days.

According to popular Twitter account CryptoTony, Thursday will mark the day the cooldown will take place. they first mapped out A possible drop to around $27,000 is in line with various other forecasts.

“So today will be the day we get that wave 2 drop or C wave drop on bitcoin,” he wrote in his latest update.

“Either way I would like to buy this retracement, but it depends where we stop.”

Crypto Tony’s BTC/USD scenario as of June 9th. Source: Krypto Tony/Twitter

fellow trader crypto cobra meanwhile demands A massive 20% correction for the overall crypto market cap, of which he is confident BTC/USD is less than $42,000.

Optimist Floor Now $32,000

Others were less brazen with their estimates. Analyzing the 4-hours chart on Thursday, Crypto Ed considered a bounce level close to $32,000 if another leg down would be necessary.

“Not really clear this morning, it’s hard to find the pieces of the puzzle and I could be completely wrong, so only a 4-hour chart,” he explained.

“I stick with this bullish scenario until I see a strong rejection (as I like the reaction of Parma bears who didn’t buy the dip).”

BTC/USD Scenario for Crypto Ed as of June 10th. Source: CryptoAd/Twitter

Good news from multiple sources has particularly affected the bitcoin narrative in recent days. This is what El Salvador’s adoption announcement looked like covert effect On the markets, while on Wednesday, $157 billion asset manager Victory Capital Joined crypto bandwagon.