Cryptoverse is becoming interesting every new day with the prices of Bitcoin and the altcoins are swinging with a pretty large margin. Bitcoin after receiving immense boost spiked high and was on track to hit $40,000 levels. But just a step before, the asset fell into a notable downtrend again in the early trading hours which dragged the price to as low as $35,500 within hours. It appeared that the bears were allowing the BTC price to go hit so that they could extract their profits in no time.
Woefully, yet again the traders were trapped close to $40,000 and this time roaring back to these levels may be a little tough. As, when compared to the previous patterns formed within a descending channel, the asset consolidates each time after a steep drop. And currently, after a recent drop from $42,0000 levels, the asset has just started with the consolidation which could continue for some more time, but below $38,000 levels.
Bitcoin Price (BTC) To Plunge Below $30K ?
As mentioned in the chart, Bitcoin does not undergo any steep plunges at one, but follows a waterfall model to some extent. After a steep 10%-12% drop, it consolidates for a while and later undergoes yet another steep plunge.
While BTC price plunged close to $32,000, it was presumed that the asset may hit $30,000 with ease. But on the contrary, the asset flipped with a huge margin to reach the immediate resistance and continue with the consolidation for a couple of days more.
Currently, the BTC price is consolidating towards the trendline for the fourth time while price is being rejected each time it comes close to the trendline. Interestingly, the volume remains surged each time the price experiences a dip.
The present consolidation appears to be the decisive one which is very close to the strong support levels. Moreover, Bitcoin is approaching the apex of the descending triangle in the next 24 to 36 hours. And hence the asset may decide the next leg which is predominantly been speculated to slice through the support levels and plunge below.