Bitcoin’s price is crashing hard and has dropped below $18,500 at the moment, displaying possibilities of a continued descending trend ahead. While the bulls are trying hard to regain the lost momentum, their efforts may not be enough to rise above the bearish captivity. However, the asset may still undergo a significant upswing and may regain levels above $20,000 in the coming days.
The weekends usually turn the tables for Bitcoin where-in the asset is compelled to reverse the trend to some extent. During the past weekend, the bulls were destroyed & the BTC price dropped heavily below $20,000. Currently, the price is displaying huge possibilities of shedding significant gains, yet there is always a chance of witnessing a slight recovery soon.
Well-known analysts, who previously predicted the massive rejection of BTC price at $22,700 now believe that the BTC price may drop hard to the $14,000-$16,000 levels after being rejected from $20,300 to $20,600.
As seen in the above chart, the BTC price, after reaching the crucial $22,700 level, witnessed a massive plunge to reach immediate lows close to $18,000. However, the price has been trying to rebound firmly but has not been validated yet. The analyst believes the asset may flip from the bearish trend soon and regain levels close to $20,500 in the next couple of days.
However, the price is subjected to facing another major rejection that may drag the price towards the main target of $14,000 to $16,000.
The Bitcoin (BTC) price has been trading within a firm descending trend for quite a long time now. Despite this, the price is believed to have not reached the bottom yet. Therefore, the star crypto may rise above $20,000 in the coming days, which could be followed by a massive correction.
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