Bitcoin nears $38K amid price correction warning ahead

Bitcoin hitting local highs of $37,500 overnight on Wednesday and maintaining higher levels since.

Bitcoin nears $38K amid price correction warning ahead

Despite the gains, however, some traders believe that Bitcoin will stay strong for long. Its demands for a dip below $30,000 support have remained in play during recent days.

According to Crypto Tony, a popular account among crypto Twitter, Thursday will mark the day that the cooldown takes hold. He had previously mapped out a possible dip to around $27,000 in line with various other predictions.

Meanwhile, Fellow trader Crypto Cobra demands a broad 20% correction for the entire crypto market cap, something of which he remains convinced provided that BTC/USD is below $42,000.

Analyzing the 4-hour chart on Thursday, Crypto Ed considered a bounce level nearer $32,000 should another leg down be necessary.

"Not really clear this morning, hard to find the pieces of the puzzles and I could be totally wrong, hence only a 4hr chart," he explained.

Positive news on cryptocurrency from multiple sources has buoyed the Bitcoin narrative in particular in recent days. 

Recently, El Salvador's adoption announcement seemed to have a massive impact on markets, while on Wednesday, $157 billion asset manager Victory Capital joined the crypto bandwagon.