Bitcoin is on the verge to break the support levels of the ascending triangle.
Experts believe that a positive breakout may hit the target at $50K else $20K is imminent.
Where will the Bitcoin Breakout lead to?
Bitcoin price anticipated that it would rally further to the next resistance levels close to $37K, plunged notably. Currently, the price is attempting hard to sustain above $34K levels. In the present 4-hour price chart, the BTC price may break the support levels in the ascending triangle very soon.
The price, however, broke the triangle following a downtrend in the small ascending triangle before and now may break the larger triangle too. A positive breakout may rally the price towards the target set at $50K.
On the contrary, a plunge may also decline the price too as low as $20K or below as predicted by Macro Economist Henrik Zeberg.
However, the price is expected to rebound as the price is currently testing the strong support levels at $34,500. As per an analyst Shelby, the price may bounce back from the current levels towards the levels close to $50K.
How Bitcoin Rebound is Possible?
Bitcoin price is currently trending sideways in the larger ascending triangle, the support levels being just above $34,000. Therefore, it is very important for the price to sustain within the triangle and look out for a positive breakout.
Previously, Bitcoin price underwent a few decisive phases and rebounded remarkably. At the present scenario, the trading volume appears to be a decent one, and hence may bounce back in the coming hours.
Once, the price recovers from the losses, it may rally further to the next levels which may end up hitting $40K initially.
According to some reports, in the past 30 days, nearly 58,733 bitcoin worth $2.02 billion at the press time have been transferred from the crypto exchanges to hot or cold wallets. Therefore showcasing a bullish trend incoming for a Bitcoin price rally.