Price Analysis

A Significant Move Incoming For Bitcoin (BTC) Price This Month, May Drop Down To $13,000 Soon

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price continues to test the levels around the 2017-18 ATH, displaying the possibilities of a massive breakdown very soon

  • While the volume has been rising significantly, the impact on the price remains highly negative, flashing bearish signals

The quarterly close remained notably passive for the Bitcoin price as it continued to trade along the crucial support zone. Technicals maintained a low-key trend, showing ease in the mounting bullish pressure. Therefore, a huge move is strongly incoming that suggests a hefty price drop in the coming days. 

For quite a long time, the BTC price has been trading within a descending parallel channel, which remains undiscovered now. The price targets remain lower by more than 30%, probably by the end of 2022. While the asset may try hard to prevent a steep drop, the intensified bearish action may stop the bullish action ahead.

Source: Tradingview

As seen in the above chart, the BTC price is trading within a descending parallel channel, facing constant rejections at the upper trend line. Presently, 3 possible scenarios can be expected with the upcoming Bitcoin price movements, which carry a high possibility of occurrence.

  • Firstly, Bitcoin could crash hard to $13,000, post to which a strong alt-season may begin
  • Bitcoin may trade sideways for another 3 months and create a descending triangle 
  • The price may rise slightly upwards to reach the levels above $25,000, trap the bulls and drop hard to test the crucial support at around $12,500

The asset is below all possible trendlines on the macro scale, and hence the bearish pressure is extremely high. However, the market sentiments are not extremely bearish, which is why one can expect a minor rebound. On the other hand, if the trend follows the Elliot wave, then a huge bearish price action could be imminent. 

The final quarter is considered pretty bullish, but the price movements may be rather diverse this time. Hence, after the bearish September, upcoming months may also register significant drops until the Bitcoin(BTC) price finds its lows. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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