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Bitcoin dropped through the $28,800 lows on Monday before finding some support. The crypto is seen to be trading around the $29,200 mark at this point in writing and looking to resume higher through $42,000 and up to $48,000-50,000 going forward. Bulls will remain poised to hold prices above the $25,500 interim lows to keep the structure intact.
Bitcoin has been in a counter-trend rally since printing the $25,500 lows on May 12, 2022. The first leg of the corrective phase terminated at around $31,500 while the second leg looks complete at around $28,300 or might drop through $27,800 before terminating. Bulls will be inclined to resume the third leg higher through $42,000 at least, thereafter.
Bitcoin's larger degree wave structure is looking bearish since it has already carved a meaningful downswing between $69,000 and $25,500 as seen on the daily chart. The recent counter-trend rally might push through the $52,000-53,000 zone, which is the Fibonacci 0.618 retracement of the above drop. Bears are expected to be back in control thereafter.
Potential rally through $42,000 and $50,000 mark against $20,000
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