Bitcoin Is Testing Critical Levels, While it May Soon Offer a Great Buying Opportunity!

With the recent upswing, the Bitcoin price appears to be in the final phase of recovery that it triggered after marking the bottoms after the FTX collapse. After maintaining a fine upswing since the start of the year, the BTC price has soared beyond 170% to mark yearly highs close to $44,500. Meanwhile, the price displays huge potential to reach new highs beyond $45,000 before the end of the year.

The bitcoin price is poised to rise above $45,000, but with a twist!

Considering the historical price pattern, the BTC price is trading within the range back in 2021–22, wherein the price broke down later and printed the bear market lows, now at $15,500.

The price reclaimed the old 2021–22 range and is currently testing the mid-range.

One of the popular analysts, Mags, presents the two probable scenarios, considering the above charts. 

  • The price continues to go higher and shoots up to $48,000 before experiencing a deeper retracement back to the range low
  • Secondly, the price has topped out locally at the mid-range and will start heading lower from here till $35,000 before the next leg up

The analyst believes the price may consolidate here with multiple retests before reaching $35,000 in monthly support. However, he also says that the overall trend is bullish and may offer a good buying opportunity. 

“Whatever scenario plays out, the overall idea is bullish, any dips are opportunities for buying,”

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