Bitcoin is swinging within a very narrow margin for the past 4 to 5 days signalling a range-bound consolidation. Here the traders are not willing to take a larger risk as they buy at the support levels at around $37,700 and sell at the resistance with a small margin at $38,500. And hence hanging the entire crypto space in a state of uncertainty. As majorly a huge weakness within BTC price is witnessed which may drag the asset along with the other popular asset downwards.
In recent times, many altcoins broke off the lower support to discover new lows which led to speculation that the past bounce was just a correction within the ongoing descending trend. And hence a large negative wave impulse may be fast approaching which may slash the prices to a larger extent. And hence according to a popular analyst, the crypto space could witness yet another 50% to 60% drop very soon.
The analyst also referred to multiple altcoin charts which pointed toward an extreme bearish trend and hence predicted a significant price slash may be imminent. On the other hand, BTC’s price is slowly changing its trend from swinging within a symmetrical triangle to a descending triangle. And hence a deep price drain may be largely expected shortly.
The short-term price forecast of the star crypto signifies a strong bearish movement. The price is currently attempting to flip from the lower support and maybe successful to do so. But eventually, face rejection just below $39,000. Further, after hitting the lower support, the price may fail to rebound and eventually slice through these levels to mark the monthly lows below $35,000.
The May month trade is expected to be pretty consolidated as the Bitcoin price may be largely attempting to recover the previous losses. And on the other hand, major altcoins may continue discovering new lows. Thus handing over the crypto space to the bearish cartel may drag the price by more than 40% soon. If in case the BTC price flips strongly and achieves the levels above $44,000, a small ray of hope for a bullish trajectory can be laid.