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Bitcoin (BTC) Could Battle Short-Term Correction According to Bearish Traders, it Could go Down to $22K

Bitcoin (BTC) Could Battle Short-Term Correction According to Bearish Traders, it Could go Down to $22K

Bitcoin’s (BTC) capacity to hold sway to the $30,000 milestone is being questioned by a number of market participants, warning that a lack of strength may lead to short-term correction to at least $25 and subsequently $22k. 

One of the advocates, Venturefounder, a contributor to on-chain analytics firm CryptoQuant, stated that Bitcoin is battling bearish divergence given the status of the spot price and relative strength index (RSI). 

It is noteworthy that Bitcoin blasted $30,000 on April 11 after several months of fluctuation and uncertainty. At the time of writing, BTC holds $30,082 as support according to CoinMarketCap data

Bitcoin blasted $30,000 on April 11

However, data from TradingView, as regards BTC/USD pairs, revealed that BTC hit 10-month highs of $30,438

Amidst the bearish warning, Daan Crypto Trades asserted that more attention should be given to altcoins because BTC/USD may now consolidate, thereby giving Altcoins the room to make gains.

Meanwhile, talks continue to mount on the bearish divergence considering the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

Some experts projected that the bullish trend may be losing steam and that a price correction may be on the horizon.

According to Trader Cheds, a triple bearish divergence with on–balance volume (OBV) is in the offing in consideration of a short position. He maintained that, it may not happen overnight. 

In the same vein, famous crypto trader, II Capo of Crypto, expressed congratulations to the bulls calling for a $30K Bitcoin price but stressed further that his bearish projection is not yet over.

He further asserted that the nature of the move is still quite similar to a bear market rally or squeeze, stressing that new lows are still feasible, and a capitulation may likely take place

Is the $3Ok Bitcoin Price the End of the Bear Market?

There is still a lack of consensus on the next direction of Bitcoin price. While some analysts believed that short-term correction is inevitable, Bitcoin advocate, Crypto Rover, pronounced that the bear market is officially over. 

Meanwhile, some traders like Crypto ED have dismissed the bearish divergence thesis, stating that they couldn’t see a clear break from the bearish trend. 

At this juncture, time will tell if Bitcoin will show resilience and consolidate its gains.

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