Bitcoin ETF

Bitcoin

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-heres-why-btc-price-will-drop-back-to-support-zone/">Bitcoin Price Analysis: Here’s Why BTC Price Will Drop Back to Support Zone</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The crypto markets are rising! The Bitcoin price is going up! Altcoins are also displaying bullish momentum! Are the markets at the start of a bull run? 
After a notable rise, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> is consolidating as the bears are restricting the rally below $30,000. However, the bulls also appear poised, as they are self-assured of validating a fine upswing in the coming days. Despite the bullish scenario, the possibility of a bearish pullback also looms over the star crypto.&nbsp; 
Ever since the rumours of the SEC approving the Bitcoin ETF made huge rounds, the price pumped hard, which was later absorbed in no time. Presently, the BTC price appears to be in a decisive area.&nbsp; One of the popular crypto analysts, <a href="https://www.tradingview.com/chart/BTCUSDT/UI2vXSPq-BTC-bullish-vs-bearish-scenarios/" target="_blank" rel="noreferrer noopener nofollow">Babenski</a>, drafts the probable bullish and bearish scenarios for the BTC price.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/vzMmN0gIS9WMT23JtT7krizKl-S5_IGqOfu0NpeLqcKQNi_xg5Mgb_slSvhV78TIfVZ1Y43LwSpiD6vaq0T_tKzCPDNAcjl1BIBmz-1Bk8ZUeEX6WJXxWwDGnl2aqAckBBJaDDBnry0ww0-TYPWUotc" alt="">
</figure> 
In the long term, the BTC price is trading within a bullish pattern. After the recent pullback, the BTC price has formed the second bottom and hence accomplished the double bottom pattern. The neckline of the pattern resides within the zone between $31,000 and $32,000, and hence the price is primed to reach these levels soon. However, a breakout and stability above these levels could trigger a fresh bullish signal, testing the higher targets.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/bBwJq9NXVhKMm35TmAHK7GBNgdAExEUa3Lb8ZmAdyCEbi6VRpQ91OJjlSe1vzzy2RsaEnYT64qSri8s-pMRsgNtg4eeT-AwJWd5Q9ZaKfl3DtFsUrYVxhSoxmT0gWzSpA630tvwn9FiV09lK98LVMEk" alt="">
</figure> 
Considering the daily chart, the BTC price flashes bearish signals as a rejection from the current levels may accomplish the formation of a head and shoulder pattern. Following this pattern, the right shoulder of the pattern may form, which suggests a rejection could lead the price towards the neckline. Moreover, the analyst believes in a continued bearish trend enabling the Bitcoin price to reach the liquidity zone below $25,000. Here, a fine rebound could trigger, lifting the price close to $40,000, indicating the start of a bull rally.&nbsp;

Bitcoin Price Analysis: Here’s Why BTC Price Will Drop Back to Support Zone

CoinPedia News

Other articles published on Oct 21, 2023

Opportunities Not Yet Explored in the Crypto World: BTCS, MANA, and XEC

Stablecoin Surge Boosts Bitcoin to $30K: Santiment Report Unveils Market Shift

Vitalik Buterin reveals worries about the future of Ethereum

Here Are The Four Factors Behind Crypto Market’s Latest Surge

CENNZnet (CENNZ) Price Prediction 2024, 2025, 2030, 2040, and 2050

Fisker, Inc: FSR Stock Price Lost Momentum; Will it Retest $5?

Join our free newsletter for daily crypto updates!