Bitcoin likely to Surpass $25,000 Soon, Will BTC Bears Regain


BTC

The post Bitcoin likely to Surpass $25,000 Soon, Will BTC Bears Regain Their Dominance? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price presently appears to be pretty strong with extreme bullish price movements. After the recent breakout above $24,000, the asset has significantly maintained its levels close to its monthly highs in the past couple of days.

No doubt the bears are attempting very hard to pull the BTC price lower, but the bulls maintain their stand to offer a strong base for the asset. 

Bitcoin (BTC) Price Analysis for Short-Term

Bitcoin price after the recent jump from the lows is swinging within an ascending broadening wedge. This pattern is usually considered a bearish pattern as the price may likely tank down heavily in the coming days.

The recent rebound from the lower support carried a huge bullish momentum, but eventually, the asset could dive back deep into the bearish well. 

bitcoinpp

The BTC price in the next couple of days, during the weekend, may go higher to mark the monthly highs beyond $24,000. Moreover, an extended bull run may pave way for the asset to achieve levels close to $25,000 too.

As swinging within a bearish pattern leads to a notable drop, BTC price still appears to be primed to plunge back close to $20,000 in the first fortnight of August 2022. 

Bitcoin (BTC) Price Analysis for Long-Term

Bitcoin price in the long term was distinctly believed to slump hard as consecutive bearish flags were haunting the rally. However, with the recent weekend price action, the price now appears to have broken above the bearish descending triangle.

But the present sideway trend points toward the revival of a bearish trend that may drag the price within the triangle again.

btcpp

Overall Bitcoin(BTC) price action is pretty bearish at the press time as the recent gains may be diluted very soon. The bears are expected to gain strength in the upcoming weekend which may drop the prices lower. 

Source