Bitcoin price continues to struggle within the same price range, as the bears successfully restrict the price below $20,000. While the buying volume is constantly depleting, fewer chances of a bullish breakout may be expected. The BTC price after a brief consolidation dropped heavily from $19,600 to reach the bottom at around $18,500.
The BTC price may certainly rise above all the odds and regain the lost levels, but in the longer time frame, an extended bear market appears imminent. Bitcoin, since its inception, has been trading within a wave pattern hitting the upper resistance and lower trend line during each bullish & bearish cycle. Woefully, the asset is closer to slicing through the lower support and forming new lows which are beyond expectations.
The BTC price was trading within a fine parabolic uptrend since the beginning which appears to have shaken a bit. The major trendline that was been followed from 2013 is breaking down which flashes huge bearish signals for the asset. If we consider Elliot Wave analysis, then the asset has accomplished a major wave and is due for further ABC retracement. The target of Wave C is the start of Wave 4.
Moreover, the price of Bitcoin is below the crucial 200-day MA levels for the first time in its history that indicated the resurgence of bears. After a significant breakout, the price may eventually retest the trend line but may fail to surpass & drop hard to hit the lower support. Woefully, the lower support coincides with levels around $3000.
Therefore, if the bulls do not jump in, then the Bitcoin (BTC) price may deep dive into a bearish trend somewhere in 2025.