Bitcoin is hovering within a similar narrow region of $37,500 to $39,000 for the past 10 days which included a fake out above $40K. Continuing the same accumulation, the asset is expected to test the same resistance yet again. But like each time, a huge drain may drag the price again towards $37,000 or below. Regardless of multiple price swings, the BTC price is primed to hit the $50,000 levels in the coming month or two.
The BTC price in the upcoming days or by the late hours of trade may receive immense bullish momentum. And eventually, break through the consolidation to propel high to hit $40,000 levels yet again. However, a rejection may be ignited again, which may drag the price towards the lower support. According to an analyst, the price may retest the lower support around $35,000 before the end of the monthly trade.
Here, the analyst indicates that the price is maintaining a descending trend line and has been rejected a couple of times on a contact. And therefore, a spike towards the trend line and another rejection may be fast approaching. The pullback is expected to be very drastic which could drag the price too as low as $35,000 to mark a bearish close for Q1 2022.
Despite huge bearish trend outspreads within the space, the possibilities of a notable uptrend are still kept alive. The Bitcoin price is currently on the verge to test the local support close to $37,200. And if it fails to sustain, then a clear descending trend may prevail else a decent bounce appears pre-programmed. As per an analyst, the BTC price will be trading at $50,000 in a month from now.
Bitcoin is displaying somewhat an uncertain trend, where-in volatility has diminished to a large extent. And hence the price is expected to remain within a restricted region, constantly hitting the resistance and the support levels. But eventually, the BTC price appears primed to undergo a notable bullish rally with the beginning of Q2 2022.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/bitcoin-to-break-the-consolidation-soon-will-btc-price-hit-50k-by-end-of-q1-2022/