The Bitcoin bearish scenario from our previous analysis History About To Repeat. Bitcoin To $100k? is playing out as we predicted.
However, Bitcoin is still very much in the bullish territory and this current sell-off we are witnessing is just a historical price repetition we made mention in the previous analysis.
The Bitcoin price is currently testing this $51,937 support and is still holding strong as we speak. If this support continues to hold, we can expect to see a price surge as we saw previously occur on the Bitcoin chart.
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Bullish Price Scenario
For the bullish price scenario, we need to see the Bitcoin price break above the $58,274 resistance level. This breakout would signify that the Bitcoin bullish momentum has returned and we can expect to see the bulls continue to push Bitcoin higher in the coming days.
However, if Bitcoin is unable to break through this $58,274 resistance, we can expect to see the largest cryptocurrency in the world continue to range and trade sideways in between the $51,937 support and the $58,274 resistance.
For The Bearish Scenario
For our bias to become bearish, we need to see a price break and close below the $51,937 support region. This support break could lead to a larger Bitcoin sell-off to as low as the $45,000 price region.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chart as well as key fundamental factors that might affect the Bitcoin price in the coming days.
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