The past weekly close was pretty bearish for the Bitcoin(BTC) price as the asset closed the weekly trade below the 50-day MA for the first time since March 2020. It could be pretty bearish for the asset as more lows may be incoming very soon.Yet if certain price zones are maintained strongly, then a notable flip towards the next resistance levels is quite possible.
Each time Bitcoin price registered key bottoms, the trading volume was at its peak. Let it be the crash of 2018 or March 2020 or the very recent May 2021. However, the recent crash during the first week of December, had notably less trading volume. And hence as per the speculations led by the analyst Peter Brandt, more lower levels are yet to come for the BTC price.
The chart put out by the analyst also points out towards the drop in the number of buyers who jump in to accumulate the asset at discounted price. This time, despite the trading volume being much lower than the recent sell-off, yet the impact was on a larger side. And hence the analyst may be pointing out towards the increase in the selling volume so that BTC price reaches new lows amid the current consolidation cycle.
Collectively, the Bitcoin price appears to be in a very crucial phase where-in a huge influx of buyers may only save the asset from drowning to lower levels. However, as per predictions of many, the BTC price may find its bottom levels around $42,000 before jumping yet again towards the highs beyond the ATH.