Bitcoin Hovering Around K, The Next Stop Can Be K, Yet K Reversal Also On Track!
The beginning of the present Asian day’s trade was a little misty. But as the day preceded the market reacted well and initiated a trend towards the north. While many believed the crypto space could get back on track this night, Bitcoin started bleeding yet again. The BTC price slashed below $ 47,000 yet again manifesting the possibilities of visiting the strong support levels around $ 42,000.
The markets are now at the same levels exactly where it was 11 days before, since the beginning of December and hence a comparatively higher volume is expected to flood in very soon. However, the bulls appear to be pretty pessimistic until the asset ranges along the buy zone that falls somewhere around $ 42K.
The analyst further says that unlike the other assets Bitcoin would take a little longer to resolve bigger moves. And hence a little more consolidation or chopping around similar levels may continue to haunt the rally. However, the entire plot still appears bullish and only a breakdown below $ 42K could flip the trend into bearish. Else the BTC price has huge potential to leap long to the $ 55K to $ 60K ranges.
Despite the current bearish trend prevailing within the crypto space, many appear to be pretty much confident of the upcoming bullish trend. However, in the meantime, the Bitcoin price needs to go through multiple pumps and dumps. Yet, the buy zone just below the $ 45K levels could be the very first signal of the bulls and the whales entering the war zone. Therefore uplifting the BTC price to the next levels, but initially much above $ 52,000 levels.
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