Bitcoin price still swings within the symmetrical triangle, very close to the apex of the consolidation. And hence a drastic move is much anticipated in the near future as the bears and the bulls are in a serious brawl right now. Moreover, the bears are expected to get exhausted very soon which may turn the tables for the star crypto at the earliest. And hence despite a huge price slash, the BTC price is expected to bounce firmly towards the ATH.
The BTC price was ranging high towards the $43,000 resistance level, where-in the asset faced a huge rejection. The price fell notably recording an 8% drop in a single day which is considered pretty highest for Bitcoin. On the other hand, the retest after the plunge also resulted in another leg down. This has ignited a huge supply squeeze as the reserves on the exchanges are plunging down.
With the squeeze in supply, the prices are expected to skyrocket in the near future which could uplift the price above the initial levels at $50,000.
The analyst also predicted that the BTC price may reach approximately $55,000 where-in the altcoins are likely to follow. Despite the current consolidation, Bitcoin appears to be within a bullish structure. Moreover, the price is constantly forming higher highs and lows which may keep up the bullish momentum.
Adding to the substance, the BTC price is expected to flip the bearish divergence firmly which could elevate the price close to its ATH. According to an analyst, the next BTC highs may be on 06 June 2022 when the Bitcoin price may range between $65,000 to $83,000. The analyst also said that the asset has already ignited a parabolic move which may get intensified in the next 24 hours.