Bitcoin Price corrects 8% from $60k as BTC/USD Bulls Target $93k

The Bitcoin price is both hot and cold, volatile, and attractive. Less than 48 hours after soaring above $60k, printing a new all-time high, the BTC/USD, on Mar 15, slid, cratering below $56k, an opportunity for aggressive traders.

As of writing on Mar 15, the Bitcoin price is trading at $55.5k, down over $5k on the previous trading day.

Slumping 8 percent in a correction, retracing from Mar 13 peaks, proponents are optimistic the dip is another opportunity for traders to double-down and aim for $100k in the medium term.

Encouragingly, the accompanying trading volumes are relatively lower. For instance, the average trading volumes in the last 24 hours are down 12 percent, pushing the volumes to slightly over $57 billion.

Technically, it means although the BTC/USD is dropping, the trading community is positive, expecting a snapback and realignment to trend.

Bitcoin Price Overview

Despite falling Bitcoin prices, the uptrend remains firm. The eight percent correction against the greenback in the last 24 hours is without conviction, judging from the relatively lower trading volumes. It means most traders are confident, hoping for a recovery above Mar 13 highs of $60k.

In that regard, the immediate resistance level is Mar 13 highs of $60k.

On the flip side, bears could find support at the psychological round number and a buy wall of $50k.

This support level is around the 20-day moving average—the middle BB—one of the best cryptocurrency trading indicators.

Technically, support at spot levels opens up the Bitcoin price to $60k in a trend continuation pattern.

On the other hand, extended losses from spot levels below $50k may see the BTC/USD fall towards $42k—Jan 2021. It is an opportunity for aggressive traders to scoop the coin at a discount in anticipation of more upsides.

Bitcoin Market Movers

Bitcoin is a trustless transactional layer whose native currency, BTC, is the most valuable digital asset with a market above $1 trillion.

Supporters are confident of a Bitcoin future. One proponent said the first to print money and buy BTC would win:

Game theory 101: the first central bank to print fiat to buy #bitcoin for itself will win.

— Bitcoin is Saving (@BitcoinIsSaving) March 14, 2021

As a scarce commodity, and the most valuable of whom most traders prefer to hold in non-custodial wallets, Coinbase has a supply shock from all the outflows in recent days:

Coinbase is running out of #Bitcoin to sell

-12,000 in just the last 7 days pic.twitter.com/IDbVVOAtCp

— Will Clemente (@WClementeIII) March 14, 2021

Meanwhile, considering Bitcoin’s main value proposition, supporters say the coin can rally 2X in the next few months. It places BTC at over $100k at spot rates:

Bitcoin will at least 2X within the next 6 months.

This is not investment advice.

— Geoff Lewis (@GeoffLewisOrg) March 14, 2021

Bitcoin Price Prediction

The Bitcoin price uptrend remains firm, even with the current correction. At the time of writing, the BTC/USD is changing hands at over $55.5k (Coinbase data), adding 10 percent week-to-date.

Mar 13 high of over $60k is the immediate resistance and sell-wall from the daily chart. On the other hand, $50k and the middle BB could offer support for BTC bulls.

Considering the solid fundamentals, traders may load the dip anywhere between spot rates and the middle BB with immediate targets at $60k. Noticeably, the retracement is with lower trading volumes. However, for a solid and comprehensive break in trend continuation, the surge above $60k ought to be with relatively high trading volumes, ideally exceeding those of Feb 22 and 23.

In that case, the first target will be $62k—the 1.618 Fibonacci extension level of the Dec 2020 and Jan 2021 trade range, and later $93k—the 2.618 Fibonacci extension level anchoring on the same zone.

Steep losses below $50k, in an unexpected event, may see the BTC/USD slide back to $42k—Jan 2021 high, in a retest.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.