Bitcoin Price Expected to Rebound
The accelerated bitcoin price rally appeared to have slowed down slightly by entering an ascending triangle. Moreover, the price is trending close to the support levels at the base of the triangle yet failed to break the lower levels.
Despite a strong pullback in the crypto space the BTC price successfully sustained above $30K and poised to hit the higher targets. Since the beginning of the Bitcoin bull rally, the asset hardly remained in the oversold position below 30 RSI.
According to the cryptocurrency trader and analyst, Rekt Capital, the average Bitcoin Bull Market retrace is -35% and the current retracement has reached -32%.
Therefore, if the Bitcoin retracement phase is about to end, then a pretty good bull run can be expected in the coming days.
Big Opportunities Regardless of Direction
The bitcoin price weekly trends suggest both possibilities of a breakout and a breakdown. As mentioned the price is trending in an ascending triangle and hence it may follow an uptrend or plunge below too.
A popular analyst yTedd predicted that the BTC price may bounce from the current levels to retest the resistance levels at $42K. Else a drop from the current levels may lead the price to revisit the lower levels close to $20,500.
The bitcoin price at the time of writing is $31512 with a jump of 2.67% in the past 24 hours. If the present momentum is continued, then the bitcoin price rally may even reach levels close to $50K.