Bitcoin (BTC) in a bull or bear market? What can you expect from BTC price in the next 2 to 3 days?
“Bitcoin can go to these levels in a short time”
With the big liquidations that took place at the beginning of the new week, there was a new carnage in the crypto space. Bitcoin price has dropped miserably below $39,000 after consolidating healthy above $40,000 for quite some time.
As we have mentioned in the news of Kriptokoin.com, the Bitcoin price was at the top of the bull run at the same time in 2021, a year ago and broke its ATH at $694,000. Also, despite a drop of more than 50%, the price has soared like a beast in the next 3 months, reaching a new ATH close to $70,000. However, since then, the price has maintained a notable decline and instability that has been carried so far. The asset spends more time consolidating, causing many speculations that a bear market is coming.
As analyst Matthew Hyland noted, the BTC price is for 75 days It traded declining and then moved sideways for the past 83 days. And that is why analyst Sahana Vibhute says the extended consolidation, which includes several steep drops near $35,000, has raised major concerns for the upcoming bull run.
Otherwise, BTC price still seems in a good position to ignite a rise towards the target of around $44,000 soon. Sahana Vibhute comments:
BTC price has now broken the ascending triangle and dropped in the short time frame, but on the higher time frame the asset is still bullish. The leading crypto is on the verge of turning after hitting the lower support of the huge symmetrical triangle. And for this reason, a significant rise may be expected in the future. A return from these levels could ignite a strong rise towards the upper resistance of the triangle and break the immediate $40,000 resistance around $44,000.
However, the analyst points out that this week’s trade could be a game changer for BTC price. According to the analyst, the possibility of both a big bounce and a sharp drop are hovering above the Bitcoin price. Therefore, the analyst predicts that if the bulls are concentrated, a break from the top could soon lead to a rally above $45,000.
7243
