Bitcoin May Rebound Back to $30,000 Yet Bears to Restrict the BTC Price Below $25,000 Until the end of 2022!
Bitcoin price after recording the lowest levels in 2022 below $18,000 during the last trading day, managed to close the day’s trade above $20,000. Since then the star crypto has been trying very hard to sustain above $20,000, while bears are attempting to restrict the price below these levels. However, despite a rebound above $20,000, a solid bullish run may not be expected anytime in the near future. Mainly due to the fact that the current BTC price is pretty much away from the minimum required levels.
BTC prices during the weekend had marked the lows at $17,622 much lower than the 2017 highs. As the price reached these levels, the prices flipped hard as the bulls jump in quickly to stabalize the prices. However, the fear of a substantial plunge still hovers around the BTC price as it is more than 60% away from the resistance, clearing which may lay down a decent upswing.
However, according to a popular analyst, the Bitcoin price may take another 6 months to reach these levels.
Getting above that downtrend line is going to be the most important event of the next 6 months.We are not out of the woods yet. Not even close. We are in the middle of a dark forest without a map But I have faith in #Bitcoin. WGMI — Kevin Svenson (@KevinSvenson_) June 20, 2022
As per the analyst, Kevin Svenson, the star crypto may range above the downtrend line over the next 6 months. Even if the asset approaches these levels, the price still may remain in the bearish captivity until it breaches through the downtrend line. And hence the analyst believes that we are still in the middle of a ‘dark forest’ where no clear path is seen.
However, the analyst believes the Bitcoin(BTC) price may rebound well squashing the dark woods filled with murder bears. On the contrary, the bears currently appear to be pretty strong and could restrict the price below $20,000 for some time and finally drag the price lower.Source