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Crypto Space May Show Some Signs of Recovery, Will Bitcoin(BTC) Price Rebound to Hit $22,000?

Written by: Sahana Vibhute

July 2, 2022

Bitcoin prices have been trading below $20,000 for the second day in a row and displaying huge possibilities of dropping hard. The current descending trend is expected to get accelerated soon which may drag the price much lower. However, amid the bearish trend, a minor possibility of a short-term bounce emerges, which may lay the foundation for a strong uptrend ahead. 

The BTC price for a long time is being following a pattern and trading accordingly. Ever since the 2015 plunge, the asset appears to have set a cycle of 2 to 3 years which includes testing the upper highs, followed by a drop of more than 70% to 80%. Currently, the price after shedding more than 80% of its value seems to have reached the bottom, where-in a rebound appears imminent. 

Source: Tradingview

The Bitcoin price is closely trading along with the lower support from the past many days. The asset has now reached one of the lower crucial levels where-in the whales and the elites may not wish to lose. No doubt, the BTC price is extremely bearish in the short term, but the long-term trade displays the possibilities of a significant pump ahead. 

Currently, the RSI & StochRSI, both are trading very close to the lower support and also at the apex of the falling wedge. Therefore, a huge possibility of a rebound as an outcome of the bullish pattern is pretty high. Moreover, with the breakout, a new Bitcoin (BTC) price cycle may begin that may carry out for the next 2 to 3 years. Hence, the year 2022 may be pretty consolidated and depreciated, while the asset reaching the ATH may be distant by another couple of years. 

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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