Bitcoin price for the third time has tested and faced a rejection ever since the asset dropped below $46,000 at the beginning of 2022. Trending within a similar pattern BTC price may be expected to reach out the lower support close to $37,000 yet again. But the current rejection showcases a diverse trend as the buyers have settled strong and are poised to keep the rally above $40,000.
The dominant crypto quickly shed its gains and plunged hard below $40,000 during the first few days of 2022. However, the asset restlessly attempted hard to regain the levels above $45,000 multiple times but failed each time. Moreover, the price plunged hard below $40K each time and a similar scenario may be expected at present. But in this case, the price could eventually manage to withstand the $42,000 support and head towards $50,000 to end the Q1 close.
The Bitcoin price tested the levels multiple times since the beginning of 2022 but failed to maintain a parallel ascending triangle with an aggravated buying volume. And hence as per the predictions of a popular analyst, BTC may now be in a final decisive phase. And hence the asset may either breakout from the consolidation to range beyond $50,000. Or else could again repeat the previous pattern and slash below $37,000.
No doubt the price may ignite a strong flip here, but the strength of the rally and investors’ interest may be shed out profusely. And eventually with the reduced volatility Bitcoin could keep on hovering in a similar way, uplifting the support levels marginally. However, the resistance could remain almost the same. Until and unless a huge change in the crypto space with an immense liquidity flooding-in BTC price may not witness a steep growth.
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Source: https://coinpedia.org/price-analysis/this-is-decision-time-for-bitcoin-will-btc-price-hit-36k-or-range-high-to-test-50k/