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Bitcoin dropped to an intraday low of $29,900 on Thursday after reversing from the $31,700 mark early this week. The crypto might decline because of a corrective wave before resuming higher to $42,000-48,000. Alternatively, it could decline to the $27,500 mark and then rise again.
Bitcoin has been unfolding a counter-trend rally after carving interim lows around $25,500. The first upswing seems to be in place at around $31,700 and the second wave is underway. If the price climbs to $27,800, bulls may be back in control.
Bitcoin is working on a larger degree downswing between $69,000 and $25,500 as seen on the daily chart. The crypto is retracing at the moment. A likelihood of a rise to $48,000 is high. Bear in mind that the $52,000 level is the Fibonacci 0.618 retracement of the entire drop. Bears could regain control if the price reaches this level.
Potential rally through $48,000-52,000 mark against $20,000
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