Bitcoin price after a breakout a couple of days before, yet again tanked to the previous levels and on the verge of breaking the lower levels of the triangle
The rally is expected to follow the previous ones and if it propels with a similar momentum, then higher levels may be on the cards
The majority of the crypto assets continued to follow a downtrend for the second consecutive day. Most of the crypto assets yet again consolidate, following a narrow trend which may result in a massive leg up in the coming days. Moreover, Bitcoin price which just faked its breakout above $40K recently, again visited similar levels around $33K. Yet the BTC price rally is expected to propel above $100k gaining immense bullish momentum.
The rally was however, looked as following the Wyckoff Accumulation as the price movements were resembling the pattern. And moreover, if the BTC price requires to fulfil the accumulation then it needs to visit still more lower levels. As said by an analyst, Rekt Capital, the price needs to visit $33K to complete its final higher low before exiting the phase C.
If the price completely follows the pattern then very soon the price may also hit $45K by the end of phase D and pull a massive leg up in phase E. The rally could however get intensified to a large extent and also could hit more than $100K soon. One of a popular analyst Bitcoin Archieve pointed out a similar price movement in 2019. And if the price follows the pattern currently, then $127K would be imminent.
Bitcoin price despite following a bearish trend, could flip into an uptrend very soon. And hence the price may untimately hit the higher levels above $100K as predicted by many analysts and influencers. Collectively, the recent downtrend of the BTC price is expected to over turn shortly.