Bitcoin hits $37.5K amid warning Thursday will see next BTC price correction
|The good times will be temporarily over once again on Thursday, one trader predicts, despite this week's 20% gains.
Bitcoin (BTC) neared $38,000 in a strong comeback on June 10, but forecasts are mounting over an imminent retracement.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Price drop on the menu for Thursday
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $37,500 overnight on Wednesday, maintaining higher levels since.
Versus its lows at the start of the week, the pair was up over 20% at the high.
However, despite its gains, few traders believe that Bitcoin will stay strong for long. As Cointelegraph reported, demands for a dip below $30,000 support have remained in play throughout recent days.
According to popular Twitter account Crypto Tony, Thursday will mark the day that the cooldown takes hold. He had previously mapped out a possible dip to around $27,000 in line with various other predictions.
"So will today be the day we get that wave 2 drop or the C wave drop on Bitcoin," he wrote in his latest update.
"Either way I will be looking to buy this retracement, but just depends where we stop off too."
Crypto Tony's BTC/USD scenarios as of June 9. Source: Crypto Tony/ Twitter
Fellow trader Crypto Cobra meanwhile demands a broad 20% correction for the entire crypto market cap, something of which he remains convinced provided that BTC/USD is below $42,000.
Optimistic floor now at $32,000
Others were less brazen with their projections. Analyzing the 4-hour chart on Thursday, Crypto Ed considered a bounce level nearer $32,000 should another leg down be necessary.
"Not really clear this morning, hard to find the pieces of the puzzles and I could be totally wrong, hence only a 4hr chart," he explained.
"As long as I don't see a strong rejection, I stick with this bullish scenario (because I like the reactions from the perma bears who didnt buy the dip)."
Crypto Ed's BTC/USD scenarios as of June 10. Source: Crypto Ed/ Twitter
Good news from multiple sources has buoyed the Bitcoin narrative in particular in recent days. El Salvador's adoption announcement seemed to have a latent impact on markets, while on Wednesday, $157 billion asset manager Victory Capital joined the crypto bandwagon.
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