Bitcoin is undergoing one of the volatile weeks of 2024 the times when the volume has remained within an average range since May.
Bitcoin price analysis reveals consolidation along a crucial support level, with both bullish and bearish pressure evident.
Despite the long-term bullish trajectory indicating a potential rise to $80,000, a plunge to the local support is expected to trigger the rally.
Bitcoin has experienced one of the less volatile weeks of 2024, with volume remaining within an average range since May. A bullish move would activate the higher targets, while the bear's pullback raises the possibility of plunging below the local support.
This has compelled the BTC price to remain stuck within a range for the past couple of days. The previous consolidation around these levels resulted in a bearish pullback close to $52,000.
Now the question arises: whether history will repeat itself or a breakout above $68,000 is underway.
A closer look at the daily chart reveals that the BTC price has been stuck within a descending parallel channel ever since the token faced rejection from the highs above $73,750.
Although the price resides comfortably within the upper bands of the channel, the possibility of diving below the levels emerges. As the levels have remained stuck for over a month, a drop in the price may attract fresh liquidity to the token, resulting in a massive upswing.
A popular analyst, ALI, lays down a path to $78,000 but says that a drop to $60,000 may come first.
A closer look at the chart proposed by the analyst reveals that the BTC price may experience a pullback, back to $60,000. The technical formations suggest the bulls may lose their grip over the rally as the RSI is undergoing a bearish divergence.
Therefore, the analyst suggests that the price may drop to $60,000 and trigger a rebound to $66,000. However, this may not certify a rise above the bearish influence, as another drop below $60,000 may trigger a final breakout.
“I think the best way to mess with everyone’s dreams would be for Bitcoin to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out towards $78,000!,”
Therefore, the Bitcoin price is expected to close the monthly trade on a bearish note, which may attract significant liquidity to the platform.
The start of the final quarter is expected to be largely bullish and hence a price forecast of $78,000 appears to be viable.
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