In a recent twist in the crypto space, most assets are on the verge of breaking their lower support and making fresh lows in 2022. Bitcoin price, on the other hand, which has been holding the lower support quite strong so far, could also drop below it very much in the near future.
However, the possibilities of a massive uptrend are still beating the BTC price, which could take the price to almost $40,000 in the middle of the third quarter of 2022.
As is well known, the price of Bitcoin has plummeted since the asset peaked at $69,000 in November 2021. Luckily, the asset appears to have maintained a strong trend within the falling wedge that could see a powerful reversal very soon.
Source: Trade View
BTC price is swinging inside a falling wedge and after hitting the upper resistance a few times, prices are now ready to move towards the lower support. As can be seen from the chart above, during the month of July Bitcoin might gradually tank and reach the level around $21,000.
Currently, the timeframe below shows price compression and liquidity in the $29,300-$29,200 zone. The next important zones are between $28,850 to $28,650, later $28,050 to $28,000 and finally $26,700. Once these levels are broken, a clear path towards $20,000 is mostly inevitable.
However, after testing $20,000, the current horizontal volume levels are expected to surge as vertical volume levels could propel the price above $40,000 by the end of 2022.
Was this letter helpful?
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.