Bitcoin(BTC) Price is in Deep Trouble, but the Whales and Bulls Remain Confident!
Bitcoin price yet again slumped hard during the weekend, as the prices dropped heavily towards the lower support. Meanwhile, the bulls have held the asset within the profitable range but this could be just another short-term bounce. In the short time frame, the BTC price is seen undergoing a significant recovery and hence the market participants could be bullish for a while.
However, the long-term forecast continues to be bearish with the potential targets below $14,000.
Presently, the BTC price has reached the lower support levels around $16,000 and slowed down a bit, reducing the volatility. A rebound was expected, which appears to have ignited a few moments back. This could be the beginning of a minor upswing which may uplift the price beyond $17,000 in the next couple of days.
The BTC price has been trading within the local support & resistance levels after the recent gigantic fall from $21,000 to as low as $15,500. Meanwhile, a short-term bounce may rise the price beyond $17000 to reach the neckline of the double-bottom pattern. If the bulls strengthened their positions at these levels, a significant upswing may elevate the price beyond $18.,500.
The price is expected to hover around $18,500 for a while before the bears begin to extract the profits and compel the price to drop harder. In case of a bearish wave impulsion, if the price fails to hold above the crucial levels mentioned in the chart, then the lower targets below $14000 may be reached in no time.
According to a popular analyst, the next stop for the BTC price could be anywhere between $10,000 to $14,000.
When this wreckage clears, we have a market to get back to. Where does Bitcoin go from here?Sticking with original calls for $10k to $14k by end of month/mid December.Idea of it bouncing off upper range (~$13.5k) probably dead now. @Crypto_Twittier will be happy I caved.— Ben Armstrong (@Bitboy_Crypto) November 14, 2022
Collectively, the trade set up for the Bitcoin (BTC) price is notably bearish. Hence the bulls are required to be cautious about the minor short-term bounces occurring every now and then.Source