Bitcoin price yet again plunged below $42,000 yet again since the early trading hours which is compelling the price to swing within range-bound. After undergoing a huge slash in the previous days, BTC price is currently correcting as the tensions around Ukraine are increasing. No doubt the other altcoins are also slashing with a notable margin, yet the correction phase could end up very soon.
The star crypto seems to have repeated the previous rally once again. Previously in 2019, the BTC price followed a notable descending channel. During the downtrend, the asset attempted 5 times to break through the trend. However, after the 5th rejection, the asset formed a low where-in a strong rebound was initiated. Yet the flip rallied the price towards the present ATH close to $70,000.
Also Read: Here’s Why Bitcoin (BTC) Price Might Not See Major Pull Backs In Coming Days!
The analyst pointed out a similar trend being followed currently, and also flipped in a similar fashion. As per the above chart, Bitcoin is at the foothill of the mountain that can rise high to smash a new ATH of around $80,000. However, $80K may not be the cliff, as the asset is primed to hit levels above $100K. Yet the price currently requires to clear certain levels to continue with the uptrend.
Many traders expect the BTC price may reignite a strong bull run once it flipped from the bearish divergence. However, it requires achieving certain levels to validate with a substantial uptrend. One of the popular analysts believes that Bitcoin price needs to clear $46K. The analyst also suggests the traders can long BTC prices from the current levels. But also mentions clearly that the BTC price in the overall HTF is completely bearish.
Source: https://coinpedia.org/bitcoin/this-is-when-bitcoin-btc-price-may-break-out-of-consolidation/