The recent turmoil in the crypto space has hampered many assets largely, mainly Bitcoin which was on its way to hitting $44,000. However, the recent collapse has compelled the price to remain restricted below $30,000. Interestingly, the BTC price rally in the upcoming days is expected to remain restricted within small braces. And hence if this happens, the crypto market may experience significant volatility which may uplift the altcoins.
Bitcoin price from the past six months has been largely consolidating within a very large amount, while the attempt of a breakout also remained unsuccessful. And as the price reached the same support levels, the trend is expected to continue in a similar fashion ahead. And hence as predicted by a popular analyst, BTC price may continue trading between $20K to $ 40K for another 6 months
However, BTC price ignited a steady descending trend since the beginning of the Asian trade registering multiple red candles. Therefore, the price could largely remain within the consolidated region below $30,000 for a longer time, until it receives enough push to break out from the current consolidation.
- The BTC price is trading within a wedge which is slightly rising and hence the current plunge could be the outcome of the pattern
- Therefore, the price could plunge towards $28,800 as here it may offer strong support with a significant rebound
- Once the price rebounds, it may attempt to reach the levels around $3,000 initially and later range beyond $34,000 very soon