Bitcoin Live Price: How Far Can BTC Price Dip Before a Breakout?

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The Bitcoin market has turned more bearish in the past two days following a dip below $28k on Tuesday. More than 150k Bitcoins have been deposited in Binance – the largest centralized exchange by daily traded volume – during the past 24 hours. In this regard, it is safe to assume there is increased sell pressure amid Bitcoin’s network congestion. Trading around $27.49k during the early European market, the top digital asset has declined approximately 5 percent in the past two days.

Bitcoin Price Analysis

As the Bitcoin correction deepens amid the rise of new meme coins – including Pepe, WOJAK, and BEN, among others – respected swing trader Jesse Olson noted that the dip could be due May 19. In his latest Bitcoin analysis posted on his official Twitter account, Olson noted that Bitcoin price is still bullish on the higher time frame. Nevertheless, the analyst highlighted that Bitcoin price could be headed for a 22 percent correction towards $24k in the near term.

Olson based his analysis on the fact that Bitcoin price rose nearly 54 percent from the bear market bottom, followed by a 22 percent correction, which ostensibly took 70 days from the pivot low to the next. With the second breakout having returned 58 percent in gains and down more than 13 percent, the analyst cautioned that a similar set-up could reoccur, although some differences could be recorded.

“If breakout 2 has a -22% correction, then the price would reach the 3rd target. If it takes 70 days from pivot low to pivot low, then this correction would last until May 19th,” the analyst noted.

Bigger Picture 

The demise of the global banking sector and increased inflation has significantly contributed to the mainstream adoption of Bitcoin and other digital assets. Nevertheless, the United States, which accounts for about 25 percent of global trade activities, has been cited as a hostile market for the development of the blockchain and digital assets industry.