Bitcoin price is plunging! The token has lost the crucial support at $64,000, which has raised some suspicion over the next price action. Besides, in the wider perspective, the token remains stuck within a bearish trend and appears to be heading towards the lower target. Meanwhile, the rejection from the recent highs above $66,000 has been signalling bearish signals not only over the BTC price rally but also the entire crypto market.
Has the bull run reversed? Will the BTC price not reach the desired target of $100K in the future?
Regardless of the ongoing bearish activity, the BTC’s plan appears to remain unchanged. The token is just a step away from breaking out of the downtrend channel and starting the parabolic run of this cycle. The star token is displaying pre-2021 parabolic vibes at the moment and if the current trade setup plays out well, then the Bitcoin & altcoins may set up a fine bull run and mark new highs.
The above chart shows the resemblance of the current rally with that of the pre-2021 phase, where in the markets were withstanding huge turmoil due to COVID-19. Therefore, the BTC price is expected to chop around and consolidate around the mid-lower range of around $63,000 for a while. However, no sharp, v-shape reversal can be expected but after some consolidation, a decent rebound is imminent, which may break above the descending parallel channel.
The current trade setup appears to have fluttered bearish signals over the markets as the BTC price. With this, the market participants also seem to be convinced that the star token may certainly not go higher this cycle. But the reality is that the rate cuts, liquidity injections, and seasonality all point towards a bull market with th price target at $100,000.
