Bitcoin is testing some serious levels, but it could soon present a great buying opportunity!
Due to the recent uptrend, the price of Bitcoin appears to have entered the final phase of the recovery triggered after hitting bottom following the FTX crash. After maintaining a healthy upward trend since the beginning of the year, BTC price has surged more than 170% to hit a yearly high near $44,500. Meanwhile, the price shows tremendous potential to hit new highs above $45,000 before the end of the year.
Bitcoin price is expected to rise above $45,000, but there is a twist!
Considering historical price patterns, BTC price is trading within a range for 2021-22, after which the price has declined and currently printed a bear market low at $15,500.
Prices have regained their previous 2021-22 range and are currently testing the mid-range.
One of the popular analysts magConsidering the chart above, I present two possible scenarios:
- The price continues to rise, soaring up to $48,000 before experiencing a deeper retracement to the lower range.
- Second, the price has peaked locally in the mid-range and will start to decline towards $35,000 from here before the next stage of the uptick.
The analyst believes the price may consolidate here with multiple retests before monthly support reaches $35,000. But he also said the overall trend is bullish and could provide a good buying opportunity.
“No matter what scenario unfolds, the overall idea is bullish and any pullback is a buying opportunity.”