Is the Bitcoin (BTC) Price Correction Over-Till When Can We Expect the Upswing to Persist?

Just a few days ago, Bitcoin was consolidating heavily below $27,000 and failing to rise above these crucial levels. While the targets set for the flagship crypto were initially at $26,600, then $27,600, and finally $28,800, which acted as major resistance for a while. However, as the huge players entered the crypto space, the investors became bullish on crypto and clinched $30,000 in no time. 

The BTC price is currently trading just above $30,000, marking the intraday high of $30,800 just a few moments ago. Although the price is facing a minor bearish action, it may further resume rising. How did the BTC price manage to soar so high?

As per the CEO of CryptoQuant, Ki Young Ju, nearly $1 billion of TUSD was deposited into Binance, and presently the BTC/TUSD pair has the highest trading volume. 

Therefore, the CEO speculates that the buying power originated from the veteran whales but was not based in the US, or else it may be Asian-based investors. So what’s next, Will Bitcoin continue to surge and mark highs above $32,000?

Considering the current price action, the BTC price is at the last stage of the Wyckoff method, which suggests a massive upswing could be on the horizon. If the price continues with the same plan, then it may hit $40,000 by the end of July 2023, as per a popular analyst, Moustache. 

Collectively, the Bitcoin price appears to have gained mainstream attention as its dominance reaches 50% and is expected to continue to soar. According to one of the popular analysts, Benjamin Cowen, the dominance is expected to reach 60% and last until September, regardless of whether the price trades towards the north or south.