- A fresh breakdown occurred, which compelled the price to drop below the crucial support level of $41,800
- With the validation of a bearish trend, the price is feared to plunge hard, suggesting the beginning of a fresh descending trend
After trading within a descending pattern in the short term, the Bitcoin price appears to be preparing for a fresh bearish reversal. The volume continues to favour the bears at the moment, suggesting the price will reach the lower support zone close to $40,700. With this, the token could be trading very close to the pivotal support at $40,000, and a wrong move may drag the levels as low as $38,200 very soon.
With the bearish clouds hovering over the Bitcoin price ahead of the halving, there is a possibility of an extended descending trend. The past cycles have witnessed more than a 50% drop during the halving, and hence a similar price action may be expected at this moment. A popular analyst, anonymously known as Titan of Crypto, speculates the BTC price may reach $34,000 by the halving.
“34,000 a Bitcoin by the Halving?
In the past cycles BTC price was successively at -56%, -54% and -52% decrease from previous ATHs when the halving occurred.
If this pattern were to repeat Bitcoin could be gravitating around $34K by next halving which coincide with -50% decrease from its previous ATH.
That would be the last chance to accumulate BTC at such price imo,”
Collectively, the Bitcoin price continues to remain under bearish pressure regardless of the interim bullish actions. The price has always dropped during the Bitcoin halving period, forming interim lows. Hence, another 50% drop from the current ATH may initiate a downward trend to hit $34,000. However, a fine rebound could follow and elevate the BTC price towards the next highs.
Credit: Source link