Bitcoin The price has seen a huge rally over the past few days as it slipped from lows below $20,000 for the second time in a row. Conversely, the asset also witnessed extreme bearish pressure during the last trading day, but bearish pressure failed to pull the price below $21,000. Therefore, the immediate resistance near $24,000 shows a significant possibility of a move in the coming days.
Although market sentiment has eased slightly, the price still shows a significant chance to once again draw well into the deep bearish. Bitcoin appears to have followed a similar pattern and hence if similar price movements are repeated, the asset is likely to drop below $10,000 in the next fortnight.
Star Crypto maintains a parallel consolidation for about a week just before each price slash. On the other hand, the Bollinger Bands were also squeezed, while bulging during the rest of the time. Currently, the asset is again trading within a near parallel consolidation which could eventually result in a breakdown similar to the previous one. Another crypto crash could drag BTC price by 35% to 40% near $11,000.
However, many still believe that bitcoin price may eventually break the current consolidation and safe levels above $23,000. Moreover, bearish momentum could drag the price lower towards marking an expected target of around $15,000 or lower. Nevertheless, after hitting the bottom, BTC price is likely to make a strong rally.