Bitcoin price appears to have been trending within a specified range for the past couple of days. Each time it slipped below $40,000, the price quickly flipped manifesting the bullish momentum that still existed within the rally. And hence the price is now assumed to maintain a significant uptrend after breaking through the current consolidation.
The star crypto is losing its strength as it approaches the immediate and strong resistance levels. Additionally, the bulls are facing huge competition from the bears as they aim to keep the price restricted below $42,000. Despite the huge possibilities of the BTC price draining towards the lower support haunts, the probability of the asset nullifying the bearish trend and rising towards the immediate highs also surfaces.
However, a popular analyst, the pen’s down the levels to be achieved to reverse the BTC price trend.
As said by the analyst, until the asset ranges between $40K to $42K, it may be considered a standard playing field. Once it breaks either of the ranges, a significant trend may be ignited accordingly.
On the other hand, an upcoming couple of months or the entire Q2 may be pretty choppy for the Bitcoin price. As a notable Altseason may be underway in these times, and hence BTC price may drop more than 25%. Further after August until January 2023, it may be an absolute bull market for the BTC price that may uplift the price close to its ATH or beyond it.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/this-may-be-the-bottom-for-bitcoin-btc-price-this-cycle/