Bitcoin has continued to hover around $30,600 since the early trading hours, with reduced volume and volatility. Some see this as a massive buying opportunity as the BTC price is accumulating strength to trigger a massive upswing, but in the longer time frame, the price may be subjected to a huge downfall. According to a popular analyst, Tolberti, the BTC price may drop back to close to $27,000 soon.
In the short term, the price has formed a bullish pattern and is trading within a bull flag; hence, an interim breakout may be possible. The upswing may raise the levels above $31,000 and is also believed to rise above $32,000 and mark new 2023 highs around $32,300 before triggering a massive plunge. The analyst believes the price is set to drop from these levels and reach below $27,000.
The price of Bitcoin recently surged above the falling wedge pattern with a very strong impulse wave. As their is an unfilled FV Gap on a previous breakout point, and the price tends to go back and retest it. In the present case, the breakout from the falling wedge is believed to undergo a retest at the trendline or retest the breakout point of the wedge to fill the gap. In short, a 0.618 FIB retracement of the impulse wave may be happening ahead.
Besides, from the Elliott wave perspective, the price has completed the impulse wave that may head towards a retracement. Moreover, the analyst believes that the price may begin to drop in the coming week and prevail until it reaches the lower support.