A huge Bitcoin Move is Expected in the next 48 hours, Is BTC Price Heading Towards the Bottoms?

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The post A huge Bitcoin Move is Expected in the next 48 hours, Is BTC Price Heading Towards the Bottoms? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin continues to struggle around $20,000 levels despite the volatility and market pressure remains considerably high. The squeezed trend of the asset may be due to multiple external factors due to which the markets are expected to remain volatile, this September.

However, the BTC price is expected to reach the bottom in October or November this year carrying fewer possibilities of a strong rebound.

The BTC price, after the recent jump had sliced through the huge falling wedge and was preparing to rebound to reach levels above $21,000. However, the fresh employment rates of the US were also assumed to have given the asset a significant push. Woefully, the price dropped midway and now displays the huge probability of a bottom below $19,000 during the weekend.

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Currently, the BTC price is hovering within a converging channel, which somewhat looks similar to a symmetrical triangle. The asset is testing the lower support of the channel and trying hard to rebound. However, the bulls are utilizing every resource to flip from the bearish trend but lags in volume and hence offer a good opportunity for the bears to take over.

No doubt, the asset may eventually rebound finely but in the larger time frame, there is very less scope for a Bitcoin bull run in 2022.

No ‘V-Shaped’ Recovery for Bitcoin

Bitcoin in the larger time frame is pretty bearish, regardless of the fact that the asset displays a significant bullish momentum in the short term. The asset in the next 45 days is expected to stabalize a notable descending trend and may also form new bottoms. While the possibility of a firm rebound is extremely less.

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A known analyst, Valerio claims the Bitcoin bottoms to be reached in October or November referring to the BTC price movements since the 1st halving. According to the above chart, Bitcoin peaks within 2 years of the previous halving and further plunges hard. However, after reaching the bottom, the asset trades sideways until the next halving.

Considering the previous trends, the BTC bottoms are yet to be reached which may be met in Q4 2022. Specifying the targets, the analysts believe the bottoms may be below $17,500. However, he also sheds light on the recovery which may not be a ‘V-Shaped as the BTC price may trade sideways around the lower levels for a couple of weeks.

Therefore, the Bitcoin bulls are expected to be cautious as multiple bull traps may be laid as the trend may remain heavily bearish for an extended period.