The crypto space was slashed hard following the collapse of the crypto-friendly bank, Silvergate. For the first time in four months, the token experienced one of the largest single-day drops of nearly $1200.
However, the descending trend appears to have come to an end, as the price is now trading sideways near the newly gained levels of $22,300.
The BTC price, currently appears to have stuck within narrow ranges, but may soon leap long to reach the higher targets in the coming months.
Bitcoin has been trading in constant wave patterns since before, and if the pattern continues, it may slide to the bottom. Once the price tests the lower support, a catapult action may raise the price to a level that could be close to the required target of around $50,000 in a short while from now.
The BTC price reached the previous highs again and faced rejection. Despite the price continuing to consolidate, it flashes the possibility of going high in the coming days. The global reversal of the BTC price chart can be assumed due to the ‘Inverted head & shoulders’ pattern.
March is expected to be extremely volatile as multiple macroeconomic indicators like the CPI, Fed rate, etc. Moreover, more than 140K BTC could enter the markets.
Therefore, the medium target for the Bitcoin (BTC) price is around $40,000 to $42,000, which is expected to happen sooner or later.
Besides, the BTC price is also believed to be witnessing extreme pressure that may prevail for the entire crypto space if a small group of traders wish to make profits.
This may intensify the possibility of a potential growth in the coming years that may mark new highs soon.