Bitcoin Price Prediction Daily (24-May-2023) Heading Towards $25,000
How is Bitcoin (BTC) Looking Today?
At the moment, Bitcoin is trading at approximately $26,300 and displaying a bearish sentiment on the lower timeframes. The price has dipped below the critical support level of $26,500, signaling a potential downward trajectory if it closes the day below this threshold. However, it’s important to note that the price has only been below this support level for an hour. It could also reclaim the support as it did a few days ago, and we might once again see BTC consolidate above $26,500. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the short term.
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Analyzing the Charts
If we look closely at the latest 4-hour charts for Bitcoin, we can notice that the price was forming a bearish flag pattern which seems to be playing out at the moment.
It seems like the price is finally moving out of the consolidation zone, and a significant move is around the corner. If BTC closes multiple 4-hour candles below this level, a sell-off is on the cards. The next level we will be eyeing in that scenario is the $25,000 mark.
The $25,000 mark is crucial, and the price will likely hold it as support. Bitcoin has used this level as both support and resistance multiple times in the past.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below the major support at $26,500 and could finally be heading toward a correction. The price has been struggling to gain momentum for weeks now, and we are finally seeing bulls lose some steam. If the price does close today’s daily candle below this level, the correction toward $25,000 will be inevitable. However, at this time, we will not be placing any trades and will let the price play out for a few more hours.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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