Bitcoin in a longer time frame appears to be pretty unsure of its upcoming move, but in the short-term, the asset is on the verge to make a huge move. In a 4-hr chart, the price is swinging with a bullish symmetrical triangle and approaching the apex of the consolidation. However, after a brief consolidation, a significant leg up, breaking out from the pattern is much expected in the next 24 to 36 hours.
Therefore, as mentioned before, with a strong breakout from the consolidation, the BTC price could eventually pierce through the triangle and eventually achieve the upper resistance zone between $31,350 to $31,532.
Here the price may face yet another rejection, dragging the price back close to $30,000. However, with a strong flip, the price could regain the levels and also break through the resistance to hit $32,000.
On the contrary, if in case the price fails to break through the triangle and begins trembling down, then it may yet again drop below $30,000 to hit $29,300. In an extended bearish case, the price could be dragged to the 2022 bottoms too.
However, some metrics point out that better days are awaited for the crypto space nullifying all the odds.
- The BTC/Gold ratio is now in a major support and moreover, the Bollinger Band indicates the trend to be at the lower band, expecting a huge flip in the coming days as selling pressure on both the assets is now merging
- The ‘Dormancy’ flow which indicates the Bitcoin is held by weak or strong hands remains at the lowest point, lower than the 2014 and 2018 bottoms. This indicates that the older coins are unspent and the newer coins are already redistributed, signaling an accumulation phase.
- Despite a huge slash in the bitcoin price, still, the long-term holders remain the same. They are not even close to the capitulation phase.
Summing up, the Bitcoin price could experience a notable drop in the short-term or until the end of the weekly trade. But eventually may end up hovering above the resistance levels at $32,000 by the end of the month to ignite a significant uptrend ahead.