Bitcoin made another large move above $42,000 gaining huge bullish momentum, but still lag an inch to attain the required levels. It is not the first time the star crypto has ranged high, but each time failed to sustain. Despite breaking through these levels for the ‘nth’ time in a row, the set still appears to be within a healthy consolidation rather than an uptrend which is poised to witness a pullback soon.
Bitcoin(BTC) Ranging Within the Consolidation
Bitcoin currently appears to have ranged within a healthy consolidation ever since the beginning of the yearly trade. The price quickly bottomed hard below $35,000 and also ignited a strong flip above $40,000 at the press time. Despite mounting bullish momentum, the asset may face another rejection, compelling the price to range within the consolidation.
As seen in the chart, the BTC price is swinging within a huge symmetrical triangle where-in the apex is very far off. And moreover, reaching the upper resistance, the asset has already set off a bearish candle that may drag the price lower towards the support levels until the weekend. However, the asset may try its level best to close the monthly and quarterly trade on a bullish note. And it may succeed only if it successfully breaches through the pivotal levels.
Bullish and Bearish Breakout of the Bitcoin(BTC) Price
As the Bitcoin price is swinging within the symmetrical triangle, the possibilities of a breakout or breakdown cannot be completely eliminated. The breakout from above the levels around $43,000 could validate an uptrend that may eventually range towards $45,000. Therefore setting up a bullish plot in attaining $50,000 somewhere during the first few weeks of Q2 2022.
On the contrary, if in case the BTC price is consolidated within the triangle until the close of the quarterly trade, then the possibilities of a breakdown may not be eliminated. And in such a case, Bitcoin could yet again manifest a consolidated trend until the mid of Q2 2022 and eventually kick-off an attempt to stabilize a healthy uptrend towards the crucial $45,000 to $46,000 range.
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Source: https://coinpedia.org/price-analysis/while-q1-close-is-on-the-toes-these-might-be-the-possible-scenarios-for-the-bitcoin-btc-price/