Crypto Markets Continue to Consolidate: Here is What May Happen Next with the Bitcoin (BTC) Price
The post Crypto Markets Continue to Consolidate: Here is What May Happen Next with the Bitcoin (BTC) Price appeared first on Coinpedia Fintech News
The crypto markets are undergoing a roller coaster ride as the Bitcoin price is juggling between narrow ranges. The price has now dropped below $42,000 at the moment, suggesting a significant shift to the other altcoins within the space. This has caused the markets to maintain a silent trend while the global crypto market cap remains above $1.6 trillion. Besides, some possibility of the star crypto, Bitcoin, taking the liquidity below $40,000 emerges.
If Bitcoin plunges back below $40,000, what may happen to the crypto market trend in 2024? Will the bull run forecast remain in place, or will another year be marked for a recovery phase?
The BTC price is trading within the range of high and low levels, as the bulls fail constantly to elevate the token towards the resistance zone between $44,200 and $44,700. In such a case, can we expect a minor pullback?
A popular analyst, Michael van de Poppe, suggests a small trend reversal for the star token and believes the price will drop below $40,000 soon.
“The markets are still consolidating, which is normal.
I generally would be pleased to see Bitcoin take liquidity beneath $40K and go back up from there towards the highs and the ETF approval.”
Now that a drop in the BTC price could be imminent, will the token close the yearly trade on a bearish note? Here’s what may happen next in the crypto markets.
Bitcoin may continue to rise and could also hit the highs. But the rally may only be for a short time frame.
Further memecoins may begin to surge, which may indicate the end of the prevailing rally
Whales and large players take a step back, which may initiate a minor dump within the markets
The longs could get liquidated, due to which market participants may lose hope over the rally ahead
The economy could turn bullish in the coming year, and fresh capital may make its way out
Bulls and whales jump in, causing a significant rise in the markets that will be missed by retail traders.
The markets have been following more or less a similar pattern, and hence, repetitive action may be expected in the coming days. If this materializes, the bitcoin price may consume more time than speculated to form a new ATH beyond $70,000.
Filed under: Bitcoin - @ December 16, 2023 12:08 pm