Bitcoin price nowadays has fallen into the bear trap as bulls appear weaker and weaker day by day. Each time it attempts to recover the lost positions, it drops considerably and sometimes to new lows too. Therefore in the due course, the highs are getting squeezed and hence the probability of BTC price dropping to $30,000 exceeds.
The price chart had formed a ‘W-shaped’ pattern and it was expected the price would break the neckline of the pattern at $34,783. Yet with the fresh plunge, the price is expected to drop to lower levels. According to a popular analyst, ApexBull-ImperiumFX, the price may bottom around $30,000.
According to the chart posted by the analyst, the asset has broken within an ascending channel and dropped towards the south. In fact, the price has also broken the pennant formed within the channel. The analyst says that Bitcoin is looking extremely bearish in the long term as it is not able to gear up any bullish momentum. Therefore bullish rallies are getting shorter and shorter of the critical daily support.
When Bitcoin Price Crashes Through $30K, How Low Will It Go?
The latest slump lowered the possibility of getting close to $35,000 as it’s finding new lower lows every time. Peter Brandt, a veteran trader held a poll for his 542K followers to know their thought on further price movements.
Interestingly, it seems to be a close fight, as the majority of people believe the price won’t break $30K. However, they account for only 31.5% of the press time. The other three options secured 19.4%, 24.4% and 24.7% respectively.
The analyst provides the chart where-in with the price is trending within a rectangle and on the verge to drop to the lower bottom. By conducting the poll, the analyst seems to be quite sure of the BTC price plunging to the $30,000 range.
Bitcoin price appears to be in deep trouble as there is no strong forecast of a rebound in the short-term. And the release of 41K worth of GBTC shares, BTC price is also expected to get impacted negatively.