The Russian-Ukraine conflict has deeply impacted the crypto space Bitcoin got destabilized to a larger extent. However, the price sustained the trembled situation quickly within 24 hours and reignited with a notable uptrend. Despite the momentum being pretty bullish, the BTC price is primed to deplete towards the lower support yet again.
However, with the advancement of the conflict, the rounds of the US and its allies came together. And bringing sanctions aganist Russia has induced some confidence within the investors. Regardless of the current global or the market conditions, Bitcoin price is expected to undergo another plunge towards $38K to $42K price zone as per a popular analyst.
The analyst here considers the price trend from $10,000 to $60,000 which was within a triangle. Moreover, the analyst expects a similar movement to replicate yet again. And hence the BTC price may plunge down before spiking towards higher levels. It is more or less a squeezing or compressing channel where-in resistance and support levels get closer. And hence with a slight deviation from the upper resistance levels, the price may tend to fall towards the lower support which is in between $38K to $42K.
Yet the worst case is let out by another analyst, who believes the Bitcoin price may plunge as low as $30,000. As per the analyst, the BTC price has hit the Bitcoin Floor Model only 3 times in the last 10 years. And the current plunge may drag the price close to the floor model price which is around $26,000. Yet the analyst also says that the price may eventually rise after hitting the floor model again.
Collectively, with a minor correction or pullback, the Bitcoin price may be primed to rise high above $45k. But the current descending trend has compelled me to think about the bearish scenario too. Therefore, a notable swing on either side is quite possible any time from now.
Source: https://coinpedia.org/bitcoin/will-bitcoin-btc-price-offer-another-buy-opportunity-at-20k-before-hitting-100k/