Bitcoin yet again trending in a consolidated region, appears that it is making preparations for a major breakout
The narrow trend signifies the depleting interest of the institutions and whales on the Bitcoin which resulted in the drop of acquisitions
Yet some believe BTC price may revisit the lower levels below $30,000 before surging to the next all-time highs
Bitcoin price rallied high but in recent times, the price appears to have consolidated in a narrow range. The price was dipping in the early hours of the trade, but a strong momentum geared up which rallied the price to nearly 10%.
However, analyst like MMCrypto is confident that the bitcoin price rally that might even hit above $250K by 2021.
The BTC price is trending within a channel and hence such a big target might be a challenging task at present. Unless and until there is any institutional support or big whale movement, the price tends to trend within the same pattern.
As the price sustains above $32K despite some pullbacks, it can be speculated that the bulls still have the control and hence BTC may be bullish in coming days. On the contrary, if the bulls are outperformed by the bears, then the price may revisit levels close to $30K.
Bitcoin Plunge May Also Be on Cards
The decline in the BTC dominance from close to 70% to 62.9% rate might indicate the shift of the focus of the traders on the other assets. The decline in dominance also indicates the probable start of the Altcoin Season.
According to an analyst, WXYXXZ, the current price is forming a complex B-type pattern and hence the price may hit around $37K. As per the chart posted by the analysts, a steep decline in the price close to $27K will be followed by a surge yet again.
The bullish momentum of the BTC price will continue in the near future, but at present, the prime focus would be at the resistance levels close to $34K. The bitcoin price rally once breaks the above resistance, the uptrend would follow by testing more higher levels in the short span of time.