Bitcoin price is shedding its gains with a fresh slump with a clear path towards $30,000 in a bearish scenario
The bulls may get aggravated and utilize the opportunity to accumulate more at a discounted price
The uncertainty is still prevailing with the crypto space as this week also initiated a fresh slump. Bitcoin price along with most of the crypto assets plunged heavily with a decline of nearly 3.48% in the global market capitalization.
However, the trading volume has surged more than 31%, but the bears could have outpowered the bulls instead. The recent ban on crypto mining in China may have fueled the FUD. And hence the weekly trade kick-off initiated with a massive plunge.
Despite the free-fall, yet the price is expected to resume with a bull run, initiating a recovery soon. The BTC price has very strong support around $30,000 and interestingly, despite multiple plunges, the price remained above these levels. Therefore, as predicted by an analyst, Crypto Moon, Bitcoin will cross an all-time high within September end or October first week.
However, if we consider the overall price movements since the beginning of the plunge, the price appears to go parabolic. And hence, following the pattern, the price may eventually hit the ATH by September. Moreover, in the due course, the price may form a multi bottom and hence by the mid of July, the price may take off.
With the Bitcoin price plunge outspread in the market, the asset could still propel towards $45,000 in the coming weeks. No doubt the lows may hold strong around $28,000, and hence, as predicted by analyst AltcoinSherpa, the range break may happen in either direction.
Collectively, the Bitcoin price may sweep $30000 if the bear continues to outpower crypto space. On the other hand, the bull run could resume soon which may rally towards its peak and eventually surpass the levels soon. Hence, the upcoming couple of days may be pretty decisive for the BTC price.