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<p>According to trader Mags (@thescalpingpro), Bitcoin price <a href="https://twitter.com/thescalpingpro/status/1733424920007512470?t=Wa1r0ixUcorXfylkes9UvA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">could see </a>one of two scenarios play out as it tests a significant 2021-2022 trading range. If price breaks out higher first, Bitcoin could run to $48,000 before a deeper pullback. Alternatively, it may consolidate around the current level first before dropping to $35,000 support.</p>
<p><strong>Revisiting a Massive Historic Range</strong></p>
<p>As Mags explained, “#Bitcoin testing an Important Level. $BTC traded within a massive range back in 2021-2022.” After breaking down from that range, BTC printed bear market lows at $15,500 but has now reclaimed the old trading zone.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="621" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-1024x621.png" alt="" class="wp-image-395187" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-1024x621.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-300x182.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-766x465.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-1536x932.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-2048x1242.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-247x150.png 247w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-100x61.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-577x350.png 577w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244-788x478.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-244.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>With Bitcoin back inside this historic price bandwidth, Mags highlighted two potential outlooks next:</p>
<p><em>“There are two possible scenarios: Price continues to go higher and shoots up till $48,000 before experiencing a deeper retracement back to the range low. (Fakeout above mid range + Retest of fib 0.618) Price has topped out locally at the mid-range and will start heading lower from here till $35,000 before the next leg up. (Consolidates here with multiple retest before a correct till $35k monthly support)”</em></p>
<p><strong>The Bigger Picture is Bullish</strong></p>
<p>As we near the end of 2023, Bitcoin hovering around $17,000 means Mags’ outlined scenarios could play out soon. While tricky short-term price action is expected, Mags remains clearly bullish on BTC over the longer-term.</p>
<p>In his words: “<em>Whatever scenario plays out, the overall idea is bullish, any dips are opportunities for buying.</em>” After a brutal crypto winter, Bitcoin regaining this historic range signals the macro bottom is likely in.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/solana-sol-shows-signs-of-strength-but-is-a-pullback-due/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL) Shows Signs of Strength, But Is a Pullback Due?</a></li>
 <li><a href="https://captainaltcoin.com/ethereum-on-chain-data-promising-as-eth-reaches-18-month-highs-amid-whales-accumulating-over-45-million-in-5-days/" target="_blank" rel="noopener noreferrer nofollow">Ethereum On-Chain Data Promising as ETH Reaches 18-Month Highs Amid Whales Accumulating Over $45 Million in 5 Days</a></li>
 <li><a href="https://captainaltcoin.com/chainlink-link-surges-10-polkadot-dot-and-inqubeta-qube-emerge-as-top-purchased-token/#google_vignette" target="_blank" rel="noopener noreferrer nofollow">Chainlink (LINK) Surges 10%; Polkadot (DOT) and InQubeta (QUBE) Emerge as Top Purchased Token</a></li>
</ul>
<p>So while Bitcoin may retest range lows near $15,500 again if the second scenario happens, the bull market looks poised to kick back into gear in 2024. Buckle up for what promises to be a wild ride!</p>
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<p>The post <a href="https://captainaltcoin.com/these-are-the-two-possibilities-for-bitcoin-as-btc-price-enters-this-historic-range/" rel="noopener noreferrer nofollow">These Are the Two Possibilities for Bitcoin as BTC Price Enters a Historic Range</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

These Are the Two Possibilities for Bitcoin as BTC Price Enters a Historic Range

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