The bitcoin price continues to stick within the same regions, below the crucial resistance of $30,785. Similar to the previous upswings, the volume has again dropped significantly after the recent rise. With the drop in volatility, the price trades within a very narrow range, with the expectation of a bullish breakout. However, the bullish breakout may be restricted to certain levels, which may even mark the highs for the year.
The price began the 2023 trade with an upswing, but the present trade setup indicates a shift into bearish favour. Although it underwent a bullish breakout, it is speculated to drop back below $25,000, which may be followed by an uptrend. Hence, the BTC price is believed to maintain a consolidated trend until the end of 2023, as per popular analyst Tolberti.
Back when the BTC price was surging, the analyst cautioned his followers that it was not the right time to buy the token. He further highlighted that the price is yet to close a couple of CME gaps below $20,000. Hence, it is now speculated that the price may drop to these levels, later this year but may further trigger a third impulse wave towards the north. However, the unfilled CME gap of $21,000 is expected to be the last gap that has to be filled.
Hence, the analyst expects a massive crash, regardless of the recent surge. However, the price may not reach $10,000, but the recent upswing from $15,000 is transformative from a corrective wave into an impulse wave, which is a sign of a bull market. In the chart, the formation of a Diamond or Head & Shoulder pattern can be formed in the next few months before the final dump to $21,000.
Collectively, the BTC trade plan for the next 6 months could be, a strong jump to $33,000 initially to take the liquidity above the previous swing high from 2022. After which a massive drop is expected, dragging the price back to $25,000, followed by a narrow consolidation. During the beginning of Q4, the descending trend may intensify to reach $20,000, which may attract huge liquidity from the whales.
