After several weeks of the market downturn, $BTC has just climbed from lows of $19,000 to highs of $24,000, providing some much-needed relief.
The price of Bitcoin is at $21,857 at the time of writing, and I will forecast its next move using technical analysis and some fundamentals.
According to the chart, the price of bitcoin will continue to trade in a zigzag pattern in this falling wedge until it reaches the $20,000–21,000 support area.
At that point, a strong surge will break the wedge and cause it to rise to roughly the $26,000 region. However, depending on the volatility brought on by fundamentals, it can take a few days or weeks for this to happen.
In the weeks ahead, market volatility will be a result of the Ethereum Merge FOMO. I’ll be holding some ETH in the hopes of making some fast profits, and I’ll also be publishing the ETH charts.
Finally, I’ll discuss a bearish scenario and the slight possibility that the BTC $20,000–21,000 level will be breached.
The chart indicates that if the price breaks this support in the $20,000–21,000 zone, there will be a downward surge followed by a likely retracement and leading to the continuation of another downward trend, which could push the price of $BTC to lows of $15,000.
Even if there is a slight possibility that this will occur, it is still a wise idea to be on the lookout for it.