Bitcoin price since the past couple of days has gained huge bullish momentum as it flipped from the lows just below $20,000, the second consecutive time. On the contrary, the asset also witnessed extreme bearish pressure during the last trading day but the bearish pressure failed to drag the price below $21,000. Therefore, displaying a significant possibility of surging towards the immediate resistance close to $24,000 in the upcoming days.
While the market sentiments have eased up a little, yet the price still displays a significant chance of drawing in deep bearish well once again. Bitcoin appears to have followed a similar pattern and hence if the same price movements are repeated, the asset is feared to drop below $10,000 in the next fortnight.
The star crypto, just before each price slash maintained a parallel consolidation for nearly a week. On the other hand, the Bollinger band had also squeezed, while bulged during the rest of the time. Presently, the asset is again trading within a similar parallel consolidation that may eventually result in a breakdown, similar to the previous one. Another crypto crash could drag the BTC price by another 35% to 40%, landing close to $11,000.
However, many still believe Bitcoin price may eventually break the current consolidation and secure levels above $23,000. Further, bearish momentum may drag the price lower to mark the speculated target around $15,000 or below. Nevertheless, the BTC price may rebound firmly after hitting the bottom.