The crypto space is manifesting extreme price movements in both directions. The Bitcoin price was manifesting the possibilities of smashing $45,000 till very recent times. And currently feared to lose another 25% in the upcoming days. However, while the bearish scenario has made huge rounds, some factors point out a strong breakout on 28th March 2022.
BTC price is repeating the same accumulation again and hence seems to mirror a similar breakout it did before. The asset after May 2021 underwent an accumulation phase that carried on for a couple of months. Further, the price took another 10 days to break out from the accumulation and rallied high more than 60%. Currently, the asset is accumulating in a similar way and hence as per a popular analyst, a breakout is due on 28th March.
The BTC price is in a clear accumulation zone of a 2-day chart that gives yet another buy opportunity. The asset when smashed the ATH in May 2021 at $64K, ignited a downtrend that dragged the price towards the $30K to $40K price range. Moreover, the asset consolidated within these ranges for nearly 78 days. And hence if the history repeats, then a breakout may be expected on 28th March.
Moreover, after a breakout, the BTC price rallied more than 60% to form a new ATH very close to $70,000. And if a breakout appears at these levels then the price is primed to hit levels above $70,000 soon. However, if the current bearish market outspreads for a long time, then the price may break down to $36,000.
This is when the bullish scenario may be invalidated completely as Bitcoin may keep consolidating in very narrow ranges for a long time. And hence the possibility of a flip or a strong rebound may be at a very long distance for the BTC price.
Source: https://coinpedia.org/price-analysis/bitcoin-primed-to-breakout-on-28th-march-btc-price-may-hit-50k-very-soon/