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