Price Analysis

This is What May Happen with the Bitcoin(BTC) Price Until the Weekend!

Written by: Sahana Vibhute

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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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Apr 1, 2022

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Highlights

    Bitcoin price displayed a huge fake breakout while the crypto-verse was expecting the asset may reach $50,000 at the earliest

    However, the asset still possesses some bullish momentum which may invalidate the current descending trend

    The upcoming weekend may be a game-changer for the star crypto regardless of the direction of the price trend

Coinpedia had reported earlier that it was important for the Bitcoin price to retest the levels below $45,000 to maintain a healthy uptrend. Following a similar path the flagship crypto despite possessing extreme bullish momentum to slide down below $45,000 in the early trading hours. However, the BTC price has recovered to some extent but the upcoming trend may raise many eyebrows during the weekend. 

Bitcoin price always reserved its surprising moves for the weekend. And hence now when it dropped heavily after being very close to $50,000, the possibility of the weekend rally emerges. No doubt the bears may also perform their job pretty well later, yet the strength of the rally may not be largely impacted by the plunge if occurred. Therefore, the asset which is in a decisive phase currently, may either rebound firmly towards $48,000 or revisit levels below $44,000 this weekend. 

A popular analyst marks down the probable path of the BTC price in the upcoming days. As per the analyst, the BTC price is very close to the descending trend line. Moreover, the asset may eventually test this line before making a large move towards the north or south. However, the probabilities of a flip appear to be high with the asset reaching levels close to $50,000. Yet may face minor pullback again which may be nullified in no time. 

Conversely, the local support of close to $42,000 is also extremely important, failing to hold here may ignite a bearish trend. However, the analyst still believes the Bitcoin(BTC) price may conquer the bears and fly high beyond the crucial $52,000 level by the end of April 2022. Further to which a notable upswing may be maintained throughout the quarter. 

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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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