TL;DR Breakdown
- Today’s market has confused traders way beyond their expectations.
- Bitcoin was able to retain its support at $30k, avoiding huge damage.
- If the Wyckoff distribution is successfully implemented, we could see BTC reach the mid-forties.
Bitcoin has kept the entire crypto market at its feet leading to a great decrease in trading volumes along with a great drop in the prices of altcoins as well. The movement was uncertain, and people waited for the coin to drop below $30k or bounce back from it. For now, it has been able to successfully avoid any kind of confrontation with lower levels.
It has been able to retain its worth well over $30k, and now, we should wait for the coin to go for $40k. Analysts have cleared the air, giving a possibility that it is possible that BTC might bounce to $40k as it has been able to avoid falling below $30k. Presently, Bitcoin is trading with great uncertainty, and people wonder if it will eventually go down.
Bitcoin price movements towards $40k
After showing great volatility these past months, Bitcoin on Saturday reached a value of $30,700. This caused great fear in the traders who were wondering if BTC will drop below the price of $30k. Bitcoin was able to regain its status and went up. A pullback was seen, and Bitcoin was trading at $33k on Sunday. According to various traders, BTC has yet to go down, and they feel that this is just a fake pump in the price of the coin.
This marketing analysis by Tradingview experts was not enough to instill buying sentiments in the market as many are still stuck on BTC going $15k. BTC has been following the Wyckoff distribution pattern, and it is expected that now, it is time for a rebound for the cryptocurrency.
According to Rekt Capital on Twitter, it is possible that Bitcoin will jump by over $10,000 and end up in the mid-forties. In the diagram below, if the wedge created will continue without breakdown, it is completely possible for BTC to bounce back.
Many big players in the game have declared that although Bitcoin might be going down in the short term, it is certainly going up in the long term, and so, the holders will reap the benefits by holding their cryptocurrency.
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