The crypto money market started a rapid rise after June 15. BeInCrypto Analyst Valdrin Tahiri evaluated the Bitcoin (BTC) and Bitcoin Cash (BCH) charts.
Bitcoin price hit $31.431 on June 23, hitting a 2023 high. Valdrin thinks that the long-term correction has come to an end for BTC, which broke the descending resistance line in this process.
Although the leading cryptocurrency retreated a little after the peak, the analyst states that this could be a short-term correction:
“There could be some decline up to the $28,900 support. Then I expect Bitcoin to recover and move towards $34,780.”
BCH Continues to Rise
Bitcoin Cash price started a rapid rise after falling as low as $90 on June 10. Yesterday, it reached $235, jumping 160% from the bottom point.
Valdrin notes that this point could be the apex of the third wave of the five-wave uptrend:
“If this is true, the price will soon decline in the fourth wave, then see new highs in the fifth wave. $175 stands out as the bottom point of the fourth wave. However, closes below $155 will invalidate the bullish scenario. In this case, there is support at $110.”
Disclaimer: In accordance with the Trust Project guidelines, this analysis paper is for informational purposes only. It should not be considered as investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions can change quickly. It is always recommended that you do your own research and consult a professional before making any financial decisions.