The Q1 close was expected to be a massive one, pushing the Bitcoin prices above $29,000 and a step ahead toward $30,000. However, the price continued to consolidate within a narrow range displaying the possibility of continuing with a consolidated trend in the coming days.
In such a case, when will the BTC price break the consolidation? After the breakout, will the price surge high or display a short-term bounce?
Bitcoin price usually follows a repetitive pattern from the past and has been following the pattern finely. The past month’s breakout also carried the same legacy and hence is believed to print a couple of consecutive bullish monthly candles ahead.
As mentioned in the above chart, the BTC price is displaying a similar price action as it did in the past. The price surged magnificently to mark the highs and dropped further to reach the lows. This was followed by a significant upswing which recorded huge bullish candles in the next couple of months.
The recovery led the BTC price to raise to new highs further. Considering the previous data, one can expect a fine upswing in Q2 with the Bitcoin price soaring above $30,000 in the first few weeks of April. Once the price reaches the crucial resistance close to $35,000, a notable upswing may prevail until the end of H1 2023.
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