Although the longer-term indicators point to the beginning of a bullish trend that could take BTC to new all-time highs, the shorter-term timeframes indicate a Bitcoin correction is overdue.
Since the low of December 2018 when Bitcoin was trading at $3,130, BTC experienced a strong upswing that has taken its price to almost $14,000, leading investors to believe that a parabolic phase has started. With strong upward leaps in price come similarly jarring corrections.
Bitcoin technical analysis
In the macro-perspective Bitcoin looks bullish, even though institutional investors have not formally entered the market. Fidelity Investments is yet to launch its cryptocurrency trading service, as well as Bakkt, TD Ameritrade, and E*Trade, as the economist and financial analyst Alex Krüger pointed out, which could be the catalyst that takes BTC to higher highs.