Bitcoin Price Forecast Calls For Chance Of Black Thursday Redux

Bitcoin price is making another attempt at the time of this publication to take back $50,000 and hold. With the Ichimoku indicator turned on, the leading cryptocurrency by market cap is also trying to hold above the cloud. Losing the cloud under similar circumstances the last time around, resulted in one of the nastiest selloffs on record with Black Thursday in March 2020. Could such chaos be in the forecast for crypto? Holding Above Cloud Could Prevent Black Thursday Repeat Until either Bitcoin sets a lower low, or blasts cleanly above $50,000 and makes a crack at its current all-time high, debate will rage on regarding if the bull market will continue or if a bear phase has begun. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone Currently, there’s a battle breaking out between bulls and bears, and while at first glance it would seem $50,000 is the prize, price action is trying to hold above the Ichimoku cloud – also called the Kumo – on the three-day timeframe. Bitcoin losing the cloud could cause a deeper correction | Source: BTCUSD on TradingView.com In an attempt to use the cloud from the past to forecast the future, losing the cloud on the timeframe could result in a similar style collapse as Black Thursday. A red cloud represents bearish strength in the market, so although Bitcoin is rising, bears might still have the upper hand. A Theory On Where The Bitcoin Correction Will End I...