In an interesting move, the Bitcoin price soared by over 7% to 8%, surpassing the crucial resistance zone at $66,500. The bears did not allow the rally to sustain above the gains, causing a drop below the range. The price is now consolidating within a narrow range, which does appear to be an exhaustion phase but from a larger perspective, the bulls seem to be accumulating gains for the next price action.
After the breakout in the last quarter of 2023, the price traded within a bullish megaphone. As a result, the BTC price triggered a huge breakout of over 85%, reaching a new ATH of $73,750. Currently, the price is again stuck within a similar pattern but the overall trend is a little more diverse. The token is stuck within a corrective phase, forming consecutive lower highs and lows. Regardless of this, the BTC price is poised to surpass $70,000 and may also hit $71,000 amid the ongoing bullish wave.
After being rejected by the ATH, the token began to trade within a megaphone, similar to previous actions, but with a bearish bias. The price is in the middle of forming the third wave, which is typically bullish and ends with new highs above $71,000. While the market participants become optimistic and expect a new ATH above $78,000, the 4th wave may begin, which is bearish and hence could compel the token to form fresh bottoms below $55,000.
The stochastic RSI, which has entered the upper threshold, could support the bearish claim, but the MACD, which just turned bullish, keeps up the bullish hopes. Therefore, the RSI is believed to remain within the bullish range, as it did in February, until the MACD enters the bullish range. This could cause the BTC price to reach beyond $70,000 and as the RSI dips, the bears may begin their action. Therefore, the Bitcoin price action for the next few weeks is bullish but carries the possibility of a huge price drain of over 20% before the end of the first half of the year.
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