Bitcoin price appears to be much unbalanced as it is not able to decide the direction of the next movement. The prolonged consolidation with very little volatility has constrained the recovery path to $35k in short term. However, some points still indicate that BTC prices could still jump above $40K as the accumulation may end soon.
Currently, the constant plunges have terrified many with immense FUD trying to flood out within the space. However, it is important to understand, the BTC price remained strong above $30K despite a couple of steep crashes, recently. If the price was not backed by the whales or bulls, the price would have reivisted levels much below $20,000 long back.
The daily chart displays a huge Head & Shoulder pattern being formed. And hence the price could have slid down when it traded below $30K at the end of June. Yet it managed to flip the bears and bounced back close to $35K. No doubt the asset has again dropped to previous levels and consolidating, a break down below $28K could be fast approaching. Yet it may be followed by a significant rebound to $33K.
Currently, Bitcoin price is trending within a narrow channel and displaying a possibility to move towards the south. However, it is expected the bulls to take over and uplift the price after another dip. The upcoming drop cannot be considered as a final plunge before the bull market. But BTC price still can propel above $40,000 initially and also hit ATH sometime by the end of 2021.