The crypto space, ever since the beginning of 2022 trade, displayed its misty behavior and due to which many traders still remain aloof. Just after a minor spike, most of the assets experience a drastic dip, whipping out the gains of the past couple of days. Therefore, now that the bears appear to have become more impatient, it’s time for the traders to remain cautious before entering the market.
The star crypto, Bitcoin is playing for around $30,000 for the past many days. The price is constantly being rejected from $32,000 levels but has also maintained the support levels at $28,700. And this is when the trend of the asset and the crypto market on a whole become unpredictable.
Adding to the substance, the BTC dominance is rising constantly. At the press time, it holds 46.3% and hence being heavily dominated, the other altcoins ought to follow Bitcoin.
What’s Awaitied for the Bitcoin (BTC) price ahead?
Despite significant price variations, the BTC price is carrying a huge possibility of a massive plunge ahead.
As the above daily-BTC chart manifests, the asset after an extended consolidation has formed a significant bearish flag. And hence this could compel the price to flow towards the south. Unless and until the trend is within the parallel channel, the markets may remain chopped. But if the trend line is broken down, which is pretty likely, then a massive plunge could drag the price close to $25,000 or below.
Therefore, considering the current uncertain market environment, it is safe to wait for the confirmation of the trend. The market could turn bullish if the Bitcoin price successfully breaks above $32,000 with undergoes a correction. Else, if the BTC price breaks down below $28,000, the bearish trend could prevail for some time.
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Source: https://coinpedia.org/news/do-not-enter-the-market-in-the-current-conditions-wait-for-the-trend-confirmations/