Bitcoin’s Correction Has Begun; When Can We Expect a Bullish Rebound?
Bitcoin’s price continues to slide down as it loses crucial support at around $28,500 as the bears appear to have regained control. Moreover, the descending trend may continue as it appears to be heading toward the following support levels. Besides, the possibility of a bullish breakout also appears to be quite low as the bulls remain calm.
Presently, Bitcoin’s price is sitting on a trend line support at around $28,000. While the bulls are trying to hold the price above this level, the bears are poised to drag the price lower. Therefore, in such a scenario, the price may even break down from these levels, and the chances of testing $25,550 to $26,000 emerge.
The BTC price is following a parabolic curve and is expected to touch the curve before triggering a rebound. The price, after bouncing off the curve, had previously surged by more than 40% in a week. Therefore, a similar price action may be expected, but before that, the BTC price may face another 10% drop.
The BTC price is believed to plunge heavily to test the levels on the parabolic curve in the next few days. Further, a fine rebound may light up as the price touches the parabolic curve, which may begin a fine upswing soon. Additionally, the price is following the upper trend line as core resistance levels, and hence a breakout from these levels is mandatory. Following the pattern, the Bitcoin (BTC) price may soon reach beyond $35,000 in the next few weeks.
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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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