Bitcoin price finally rangers above $44,000 yet again and advances towards the pivotal levels around $44,500. However, despite displaying a notable uptrend, the asset is still to be pretty uncertain as the probability of the BTC price getting rejected at these levels is high. And hence the current jump may be yet another breakout which may be only a short-lived one.
As pointed out by the analyst, the Bitcoin price is consolidating within the macro ranges for a pretty long time, ever since it smashed the ATH. After a steep descending trend, the asset is currently accumulating gains to stabilize a strong uptrend. However, it is yet to reach the middle range which falls beyond $45,000. Therefore until and unless the price achieves these levels no significant change in the trend may be expected.
Yet, on the other hand, the BTC dominance is pointing towards the asset smashing its highs very soon. As per the analyst, the inverted BTC price chart and the BTC dominance chart both are forming a similar pattern and hence the asset may achieve new highs somewhere around $72,000 in July or August this year.
Collectively, the current surge may be validated as a strong uptrend only when the Bitcoin price smashes the mandatory $44,500 levels and settles beyond $45,000. Until then the price may keep hovering below $44,000. And if the bears get intensified, the BTC price may again get compelled to swing in between $38,000 to $42,000 for yet another couple of weeks.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/bitcoin-btc-price-to-form-a-new-ath-above-72000-in-july-or-august-2022/