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May 22, 2024
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BTC Price Analysis: Bitcoin Rejects Critical Levels; Here Are the Patterns Not to Ignore

The post BTC Price Analysis: Bitcoin Rejects Critical Levels; Here Are the Patterns Not to Ignore appeared first on Coinpedia Fintech News

The crypto markets are trying to recover from the losses incurred during the past weekend that drained nearly 10% of the global market cap. Bitcoin price recently formed the lows around $27,300 with slashed volume, indicating the bulls remaining in accumulation zone.

Besides, the recent rejection also indicates the possibility of a bearish breakout which may drag the prices towards the anticipated bottom between $10,000 to $12,000. 

Bitcoin price has been following a parabolic recovery ever since the beginning of the year and presently appears to be poised to drop below $27,000 to hit the curve.

As mentioned earlier, the volume remains depleted, which further increases the risk of an extended bearish trend. One of the popular analysts here highlights the possibility of the flagship crypto completing an important pattern.

And if it happens accordingly, the price may deep dive towards the lowest level of support, as predicted by many analysts. 

The analyst, anonymously known as Profit Blue, says that the price is on the verge of forming a massive double bottom pattern. Mainly due to the fact that the price faced a rejection around $30,000 again, which is now speculated to be the neckline of the probable double bottom pattern. 

If the current rejection extends and breaks down below the crucial support around $20,000 and later at the 2022 lows just below $16,000, then the possibility of reaching new lows below $12,000 emerges.

However, the markets usually undertake such a massive downturn only in the event of a massive breakdown as the aftermath of a huge bearish event. Besides, after the Terra & FTX collapses, markets appear to have become immune to bearish events. 

Hence, it would be interesting to watch the events that may trigger such a massive downturn of the Bitcoin price, which may also drag the entire market to its knees. 

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