Bitcoin price has yet again come into the spotlight as it manifests a huge tendency of propelling towards the next levels. The asset at once just pierced through the consolidation and began propelling above $50,000. While the $51,000 zone appeared to be pretty clear, yet the bears just jumped in action to extract their profits. Yet the bulls are also pretty active and hence, the price is sustained above $50K but unable to sustain above $51K.
Bitcoin Price Forecast – What to Expect This Weekend?
The BTC price in the short-term appears to be extremely bullish with the technicals supporting the claim. While in the long term, Bitcoin may expect a certain bearish reversal as the asset may have reached the peak and gearing up to shed some gains. On the contrary, the long-term forecast excludes the bearish narrative and hence signals to jump in at the very next drag.
Bitcoin since last month appears to have followed a fixed pattern for forming a bull flag and breaking through the consolidation to jump highs. This was the strategy BTC price followed to flip the bearish divergence and hover around $48,000 levels. Yet after an extended consolidation around these levels paved the way for yet another bull flag. Currently, the price does not showcase any signs of a breakout as it is swinging at the lower levels. And hence the consolidation may continue for some more time before the breakout.
Overall, in the short term, the RSI, STOCKRSI, MACD, etc all point out towards a bearish scenario. While in the long term, these indicators are pretty bullish and hence it can be summarized as a short-term pullback that may be fast approaching. Yet the beginning of Q1 2022 is expected to be pretty bullish for Bitcoin and for the entire crypto space. As the crucial zones of the BTC price lies around $52,000, beyond which a significant uptrend may be assumed.