With the price of Bitcoin remaining within a certain range, the cryptocurrency market appears to be trading within equilibrium. Bulls are unable to recover levels above $52,000, but bears also do not appear capable enough to push the price below $51,000. However, Star Crypto is expected to end this indecisive phase soon, which could result in the BTC price possibly falling below $50,000.
Has the Bitcoin bull market ended before it began, or is it just a compression before expansion?
Despite the prevailing bearish pressure, BTC price is still on track to reach a potential target of over $55,000 before the end of the first half of the year. In the meantime, prices are expected to remain consolidated but not able to break above key resistance levels. As a result, levels may fall slightly, according to a top analyst. Michael van de PoppeIt plummeted below $50,000.
Referring to the chart above, the analyst highlights that the bears have risen since the beginning of the week. As a result, the price is expected to experience a decline, which could push the level towards the lower support area below $50,000.
“At this point, I’m still leaning towards a more likely downside scenario.
What are the key areas to focus on?
“I think Bitcoin is worth $48.5-$49.5K.”
With this, we can expect a deeper retracement in the price over the next few days, which could bring a brief pause to the bullish advance. Meanwhile, traders can still feel confident about the prevailing trend, as a strong rebound is expected to lift the price above the potential target of $55,000. Until then, traders can treat each decline as a good buying opportunity with sufficient research and analysis.