Bitcoin price since Elon Musk’s Tesla announcement has maintained a narrow trend. Multiple attempts to break $40k resistance levels have been rejected and dragged below expected levels. However, many analysts predicted a much lower level for the BTC price that slumped drastically, yet the price comfortably maintained above $34,000.
Considering current price movements, it’s quite obvious that the price is poised of a healthy recovery. On the contrary, the possibility of a significant plunge may also be imminent. A popular analyst, Ivan on Tech, predicts two scenarios for the BTC price in the short term.
According to the prediction, the price is currently trending within a determining phase, where-in a breakout may head towards $50,000. In the worst case, if the price fails to test the resistance levels, the levels close to $25,000 is quite possible.
Why Is Bitcoin Price Lagging Behind?
The entire crypto market, despite the massive slump, initiated with a recovery in no time. Nevertheless, the bitcoin price still maintained silent price movements and remained less attended to by the market bulls and whales.
The recent pumps and dumps of the most dominant crypto may have impacted the price rally as it appeared to be an artificial one. The price seemed to be manipulate by an external entity which boosted the price and also dropped significantly.
Moreover, with the worst ever monthly close in the near history of Bitcoin price recording -35%, it appears that the institutional investors have distanced themselves to some extent. Despite the discounted price, till now the rounds of huge acquisitions from big players remain hidden behind the clouds.
Collectively the bitcoin price is losing the dominance in the market and hence paved the way for the other altcoins to flourish. Moreover, the current BTC price trend which is currently in a decisive phase may rally high to next levels.