The quarterly close remained notably passive for the Bitcoin price as it continued to trade along the crucial support zone. Technicals maintained a low-key trend, showing ease in the mounting bullish pressure. Therefore, a huge move is strongly incoming that suggests a hefty price drop in the coming days.
For quite a long time, the BTC price has been trading within a descending parallel channel, which remains undiscovered now. The price targets remain lower by more than 30%, probably by the end of 2022. While the asset may try hard to prevent a steep drop, the intensified bearish action may stop the bullish action ahead.
As seen in the above chart, the BTC price is trading within a descending parallel channel, facing constant rejections at the upper trend line. Presently, 3 possible scenarios can be expected with the upcoming Bitcoin price movements, which carry a high possibility of occurrence.
- Firstly, Bitcoin could crash hard to $13,000, post to which a strong alt-season may begin
- Bitcoin may trade sideways for another 3 months and create a descending triangle
- The price may rise slightly upwards to reach the levels above $25,000, trap the bulls and drop hard to test the crucial support at around $12,500
The asset is below all possible trendlines on the macro scale, and hence the bearish pressure is extremely high. However, the market sentiments are not extremely bearish, which is why one can expect a minor rebound. On the other hand, if the trend follows the Elliot wave, then a huge bearish price action could be imminent.
The final quarter is considered pretty bullish, but the price movements may be rather diverse this time. Hence, after the bearish September, upcoming months may also register significant drops until the Bitcoin(BTC) price finds its lows.
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Source: https://coinpedia.org/price-analysis/a-significant-move-incoming-for-bitcoin-btc-price-this-month-may-drop-down-to-13000-soon/