The crypto space has witnessed a sigh of relief over the past couple of days as the majority of the asset sliced through their respective resistance levels. Moreover, the assets like Terra(LUNA), Waves(WAVES), etc managed to form a new ATH.
However, while Bitcoin’s (BTC) price was expected to reach the crucial target of around $48,000, a minor pullback was ignited. However, the pullback is expected to drag the price below $46,000 again, hence having a tough whether the asset had reached the local top!
Bitcoin(BTC) Price May Face A Decent Correction Soon
Bitcoin price with the recent surge beyond $46,000, sliced through the channel and ranged high. However, the breakout was still not completely validated until the asset surpasses $48,200. Unfortunately, the price faced a pullback just below these levels, which is pon the verge to re-enter the consolidation. Therefore, elevating the chances of the asset to revisit the lower support and hover within the newly formed ranges for a while.
As per the popular analyst, Micheal de van Poppe, the BTC price is primed to plunge back below $46,000 but may stand still above $45,700. As said by the analyst, Bitcoin has formed a new range between $46,000 and $52,000, BTC is expected to remain within these levels for some time. Hence indicating the possibility of an extended consolidation and surpassing the $50K levels that may be followed by a steep drop.
While the star crypto is all set to hit $50K, then notable chances of other assets to resume with uptrend surfaces. However, one may not expect a steep surge as notable chances of liquidation at $50K appears high. Therefore, another leg up for the BTC price may re-induce a strong bullish momentum in the crypto space. Further sustaining strongly above $47,500 to $48,000 may ignite a decent altcoin rally very soon.