As Bitcoin‘s price continues to fluctuate, determining its next trajectory has become a major discussion within the cryptocurrency community in general, with several analysts pointing to various developments that may fuel the next movement of BTC, either up or down.
Bitcoin Is In A Healthy Consolidation Phase
Market expert and enthusiast, PlanC has it is given a positive public opinion about the long-term price trend of Bitcoin over the past few months. The opinion of market experts is to continue assembly phase of BTC may be preparing the digital asset for its next major move.
Following a period of volatility, BTC price has been trading in a tight range, with investors and traders keeping an eye on key resistance and support levels. This period of price consolidation is considered by PlanC as a possible place for the next price launch of the digital asset.
According to the analyst, this section was life before seven months, although it has been difficult for new investors and traders trying to navigate the tense situation. At this time, the crypto asset has spent a lot of time between the $60,000 and $70,000 range than in the $50,000 to $60,000 range, which establishes a firmer base for further upside to come.
In addition, the analyst is sure that if the consolidation phase ends and BTC crosses the $80,000 price mark, the chances of the coin again falling below $60,000 will be incredibly low.
Although PlanC’s prediction is difficult to understand, he highlighted that setup will become clear in retrospect when Bitcoin crosses the $100,000 level early next year. In addition, when BTC reaches almost $ 200,000 at the end of next year, the analyst said that the plan will be more visible in retrospect.
The PlanC forecast is part of the scope the idea of ​​Bitcoin we are preparing for a big rally that could send the coin to new highs in the short and long term, indicating strong optimism about BTC’s strength.
Is BTC’s Bearish Movement Still Working?
Since BTC failed to surpass the $64,500 resistance level on Monday, the crypto asset has been on the downside, and its price dropped to around $58,900 on Thursday. However, BTC it briefly showed firmness today after doubling to $60,800, fueling optimism about an extended price recovery.
Even as the digital asset continues to struggle due to macroeconomic and geopolitical turmoil, positive sentiment toward BTC continues to prevail among. investors. The positive outlook may be motivated by the previous trend observed during the years following the Bitcoin Halving event, which has been a precursor to large price increases.
Featured image from Unsplash, chart from Tradingview.com