This is When the Bitcoin(BTC) Price May Break Out of Consolidation and Correction to Ignite Bull Run!

The post This is When the Bitcoin(BTC) Price May Break Out of Consolidation and Correction to Ignite Bull Run! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

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.