Will the Upcoming Week Turn the Tables for Bitcoin? This Could be the Target for BTC Price!
As the Quarter-end is approaching very close, huge volatility may be expected to record either a bearish or bullish close. The star crypto, Bitcoin has diminished price variations to a large extent from the past couple of days. Moreover, the asset is unable to clear the mandatory levels along with $ 39,500, despite multiple attempts. Therefore, the upcoming week is expected to be extremely important for the asset. A decent bounce may lay a strong foundation for a decent uptrend in Q2, else the consolidation may continue.
Bitcoin price continues to hover along with the same $ 39,000 levels throughout the weekend, displaying a healthy accumulation of strength. The resistance almost remains stagnant but it managed to elevate the support levels, forming a bullish ascending triangle. No doubt the asset may take another couple of days for a breakout, but the possibilities of a retest appear to have reduced. And hence following a similar strategy, the BTC price may hit $ 69K in the next 3 months as predicted by an analyst.
The analyst believes the price may continue to consolidate within the ascending triangle for another month or two. And with the beginning of Q3 2022, may propel high to hit the ATH by the end. However, it is witnessed that Bitcoin always follows a specific pattern of its price movement which includes accumulation and distribution. Currently, the asset is swinging within a distribution phase which may continue until the end of Q1 2022.
The other analyst also believes the accumulation may end by the end of the first half of 2022 which may kick off a significant uptrend later. However, within the current accumulation period, the asset may again hit the $ 44,000 levels in the upcoming week, but fail to sustain. And eventually, Bitcoin may slide back below $ 39,000 and keep hovering within these ranges until the end of the month.
Despite fewer chances of a breakout above $ 45,000 in the current month surfaces as the resistance at $ 44,000 may not be holding strong. Therefore a pullback is quite possible each time the BTC price hits $ 44,000. Interestingly, the support levels are expected to elevate each time it tests the resistance. And hence Bitcoin price may accumulate strength to break through the triangle by the end of Q2 2022.
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