Bitcoin price is rising constantly ever since the asset hit its monthly lows below $33,000. The asset is constantly forming multiple highs and lows in the middle-time frame and following a notable uptrend channel.
While the speculations of the BTC price hitting above $40,000 were hovering within the space, the star crypto may manifest a completely diversified trend. Despite the asset following an ascending trend, the probability of a substantial plunge also appears to be pretty high.
The price began following a notable uptrend ever since the asset smashed the lows below $33,000. Further, the price smashed levels above $38,000 and witnessed an acute rejection, and plunged below $36,000.
However, the buyers jumped in at regular intervals and uplifted the price towards the upper targets. Now when the asset is an inch close to hitting $40,000 a fear of a huge plunge hovers the rally that may drag the price yet again close to $35,000.
Also Read : Bitcoin (BTC) Price Still Has a Long Way To Go, No ATH AnyTime Soon! Here’s Why
The main reason for the huge plunge ahead is the asset hovering within the raising wedge and moreover, approaching the apex of the channel. Currently, the price is attempting hard to sustain above $38,000 from a notable time.
And further, after a slight dip, the asset could eventually roar high to hit the upper resistance levels somewhere above $39,000. This is when the bears are expected to enter and extract the profits to prevent the price to hit $40,000.
Here despite the probability of a rejection which may drag the price close to $36,000, the asset could rebound with huge bullish momentum.
According to some predictions, the Bitcoin price may experience a pullback at $40-$44K while the lower target at $30-$32K may be holding strong. Eventually, the BTC price may rebound to $50,000 easily.
Source: https://coinpedia.org/price-analysis/btc-price-may-restest-36k-level-before-surging/