Bitcoin Price Rally Expected to Flip Soon!!
The bitcoin price rally that fumed into ashes by smashing the levels below $47,000 indicating a massive correction, may revisit the similar levels soon. However, the continued bull run of bitcoin price cannot be ruled out completely, yet the timeline remains the prime focus.
The BTC price does not appear to be ready for a great bull run according to an analyst Micheal van de Poppe. According to the analysts, the price may retest the levels close to $55K else if it fails to hold at $47k, the price may plunge as low as $38K too.
On the contrary, the institutional investors may have accumulated more bitcoins at the dip as weak hands just let off their share. According to Ki Young Ju, CEO of cryptoquant, an analytics platform, nearly 13K BTC flowed out of Coinbase to multiple custody wallets.
This is speculated as the biggest bullish signal ever in the history as the speculation of the accumulation by institutions heated up amid MicroStrategy announcing more bitcoin purchases. The company bought nearly $1 billion worth bitcoin with a total of 90,531 BTC worth $4,492,274,963 with an initial investment of $2,171,000,000 as per Bitcoin Treasuries.
Will Bitcoin Flip the Bearish Momentum?
The BTC price currently has experienced multiple rejections at $51,000 and hence these levels tend to become strong resistance levels. At present, the price is attempting very hard to sustain above $50,000 manifesting the bulls sweat yet the bears tend to bring the price down below $50K.
The recovery after two consecutive dips manifests the strong bullish momentum being mounting, and the consolidation after breaking the ‘W-shaped’ pattern indicates a major breakout may be approaching very soon.
At the time of writing, the Bitcoin price is $50,484 with a jump of just 0.08% in the last 24-hours, however, the price gained a bullish trend after a 4.15% dip in the past seven days.
Currently, the prime focus would be to sustain strongly above $50,000 and head towards the next resistance levels above $51,000. Worry lies around the support levels at $47,000 that may hinder the bitcoin price rally.