Bitcoin price has seen a symbolic bounce over the past few days, narrowing the gap between current levels and pivotal resistance. Unfortunately, the bulls were unable to sustain the rally beyond profits which gave the bears an opportunity to shed some profits. While the general downtrend appears to be short-lived, the upcoming action appears to be certifying a new bearish action that could push BTC price to new lows.
Will the BTC price maintain its bearish trend in 2024?
Bitcoin is currently showing lower highs and lows, suggesting strength between the downturns. Moreover, levels above the previous high of $44,800 have never been tested, which validates the bearish argument. A correction appears to be imminent, with trading volume reaching the highest in two days and the highest since April.
As can be seen in the chart, BTC price fell below the daily EMA-20 of $42,542 for the first time in the past few months, hitting a multi-month high. As bearish volume increases, near-term bearish potential may now become active. However, if the price moves during the monthly close and closes below EMA-20, a bearish trade may be confirmed.
Moreover, RSI has fallen below 50, indicating that the market is no longer in an uptrend. Despite the bearish cloud hovering over the price of Bitcoin (BTC), a long-term bullish reversal is possible. According to one famous analyst: Michael van de PoppeBTC price is expected to rise following the news of spot ETF approval.
However, the analyst believes that the price could peak at $48,000 to $52,000 and then cut slightly later, marking a new ATH in late 2024.