Bitcoin is undergoing one of the volatile weeks of 2024, with trading volume remaining within an average range since May. Bulls activate higher targets, while bear pullbacks increase the possibility of dropping below local support.
Market Condition
The current Bitcoin price has been stuck within a range for the past couple of days. The previous consolidation around these levels resulted in a bearish pullback close to $52,000. Now the question arises: will history repeat itself or is a breakout above $68,000 underway?
Price Movement Analysis
As the daily chart suggests, the BTC price has been stuck within a descending parallel channel ever since the token faced rejection from the highs above $73,750. Although the price resides comfortably within the upper bands of the channel, the likelihood of diving below the levels emerges. A drop in price may attract fresh liquidity to the token, resulting in a huge upswing.
Forecasts and Expectations
According to a popular analyst, ALI, the BTC price may experience a pullback to $60,000 and then reach $66,000. This scenario does not rule out another drop below $60,000, which may trigger a final breakout. Therefore, the price is expected to close the monthly trade on a bearish note, attracting significant liquidity to the platform. The start of the final quarter is expected to be largely bullish, thus a price forecast of $78,000 appears to be viable.
Thus, Bitcoin may be on the verge of significant price changes. The market awaits further developments with anticipation, continuously monitoring the asset's behavior.
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