Bitcoin price is currently stuck up within very narrow ranges but is poised to break out from the consolidation. The asset ever since rebounded from the lows in June has displayed huge bullish momentum and has formed the respective bullish patterns. Therefore, the price movements of the star crypto suggest that a massive upswing may be fast approaching.
Every past action which was withnessed in the past couple of weeks and in the recent past was out of sheer FOMO from the retail investors as the whalestats whalestats On-Chain Followers : 0 View profile distance themselves in short-term bounces. Therefore, considering the recent price actions, BTC’s price which is swinging within an ascending triangle is primed to rise high, but a drop close to $23,000 may hit first.
As seen in the 4-hour chart, the BTC price is rising within an ascending triangle, forming multiple higher highs and lows. The asset witnessed another rejection from the resistance, sometime before which validated the bullish pattern. Therefore, to rise high, the BTC price is expected to drop first and hit the lower support below $23,200.
However, a strong rebound from these levels may rise the price high that may breakout from the triangle to reach the initial resistance at $26,940 initially and propel high to secure levels above $28,000. Once the Bitcoin (BTC) price raises above $25,000, the bearish pressure is expected to deplete which may assist the price to reach the desired target.
Was this writing helpful?