Bitcoin price after a 3-month long gap surged above $50,000, but woefully, slipped below these levels to consolidate. The BTC price is expected to trend within the same region for some more time to build a healthy consolidation. However, the asset is still hovering around the benchmark in showcasing a strong tendency to surpass the upper levels soon.
As the price slipped below the levels, many believed the trend is flipped bearish. Also, the indicators point out towards a downtrend. Yet the asset could ultimately bang on the levels after a healthy consolidation as predicted by a popular analyst, Micheal de van Poppe.
According to the analyst, the price could hover below $50,000 for the next couple of months before surging to $57,000. The analyst also looks for a dip below $45,000 and a substantial recovery to $51,000 by the end of October 2021.
Considering the daily chart, the BTC price is consolidating in a very similar fashion as it did in Februvary 2021. The asset consolidated for the first time after it just surpassed $50,000 in Feb 2021. Later the price jumped to $58,000 which was followed by a massive pullback to below $45,000. However, the price regained bullish momentum and propelled high above $60,000 by mid of March.
If the Bitcoin(BTC) price follows a similar trend, then it could take yet another months time to surpass the $60,000 mark. Also, a couple of dumps may also be included within the rally in order to form a new ATH in the coming days.