Bitcoin May Witness Another 5%-8% Plunge, Will The BTC Price Hit Pivotal Zones Around $42,000?
- Bitcoin price showcases some significant strength from past couple of days by consolidating firmly above $38,500
- Yet the price may undergo another minor plunge before taking off towards the crucial resistance zone
Bitcoin price after the steep fall quickly rebounded within a very short span of time. However, despite showcasing immense bullish moments yet the price is unable to breach through the major resistance at $40,000. In the upcoming days, the BTC price may face another rejection but may flip back to hit $42,000.
The BTC price nowadays is mirroring previous rallies again & again. Therefore, it may be pretty easy to speculate the upcoming trend for the star crypto. Bitcoin’s recent price trend during January appears to have been repeating yet again. And hence the price may maintain a notable consolidation throughout the upcoming week to reach out towards the crucial resistance at $42,000.
As mentioned in the chart, the BTC price around the same time in January 2022, had formed a double-digit pattern. No doubt the asset could not break through the pattern, yet is consolidating & moving slightly towards the north. While maintaining a strong bullish momentum, BTC price propelled extremely high and ranged from levels close to $36,000 to as high as $46,000 within a short span of time.
Now when the asset is displaying a similar pattern, the possibility of yet another rally may be expected. The BTC price has already initiated its consolidation phase and may continue until mid-week. Later a huge spike may uplift the rally that coils escort the price close to $50,000 slicing through a couple of pivotal resistance levels.