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Our bearish prediction on Bitcoin is finally playing out as the price broke through the $52,373 key support and dumped more than 20% in a matter of hours. Bitcoin Price Still Ranging! Is This A Sign Of Doom?
We have been talking about the importance of this $52,373 support to the Bitcoin bulls for a while now. This break in support means that we can expect to see Bitcoin become bearish for a while.
The big question for Bitcoin traders right now is how deep will the Bitcoin price retrace before finding support?
Key Levels To Watch
The Bitcoin price is currently trading around the $48,782 key support we talked about as our first target for a bearish drop. If this level holds, we can expect to see the Bitcoin price form a double bottom pattern and then bounce up from there.
This pattern is almost complete, all we need now is for the $48,782 support to hold, a bullish confirmation, and a move to the upside. Once we see this bullish confirmation we can take a buy trade on Bitcoin and expect the price to potentially go back up to the $52,373 level and above.
Bearish Scenario
If the Bitcoin price breaks and closes below the $48,782 support, we can expect to see a deeper retracement in the Bitcoin price in the coming days.
The next level to watch is the $40,848 support base. This price level has served as a key level for the Bitcoin price before and might do so again soon.
Related Article: How To Short Bitcoin
Is The Bull Market Over?
If the Bitcoin bull market must continue anytime soon, the Bitcoin price needs to hold either the $48,782 support (where the price is currently trading right now) or the $40,848 support.
If Bitcoin breaks through these two supports, then there is a very high probability that we might see a 40% dump in price to the $28,874 level soon!
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