Bitcoin (BTC) continues to exhibit bullish sentiment, maintaining its position above the $50,000 mark as the market anticipates a possible push toward a new record high. Despite the optimistic market conditions, uncertainty over the digital asset’s next move still looms.
In this line, cryptocurrency trading expert Gareth Soloway, during an interview with David Lin published on February 18, suggested that Bitcoin can potentially experience a drop, drawing parallels with the stock market.
According to Soloway, amid the bullish conditions, Bitcoin could retest the $30,000 mark if the stock market undergoes a correction ranging between 20% to 30%. He considers this potential new Bitcoin position a ‘line in the sand’ and views it as an accumulation opportunity.
Bitcoin seven-day price chart. Source: Finbold
In technical analysis, Bitcoin is currently dominated by bullish sentiments. A summary of the one-day gauges retrieved from TradingView aligns with the ‘buy’ signal at 10. Moving averages signal a ‘strong buy’ at 13, while oscillators recommend a ‘neutral’ stance at 9.
Bitcoin technical analysis. Source: TradingView
In the meantime, Bitcoin bulls hope the asset maintains its valuation above the $50,000 mark, as it’s crucial to helping the cryptocurrency mount a new all-time high.
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