The Bitcoin price is currently trading around $16,700 and ranges towards the upper targets within the lower time ranges. The star crypto consolidated within a narrow zone between $15,700 and $15,900 for a while. After undergoing extensive compression, it broke out of the consolidation to rise beyond $16,800.
Meanwhile, the BTC price failed to reach $17,000 and presently trading sideways with decent volume that may compel the price to go in either of the directions.
The macro trend appears to be bearish for the Bitcoin price, and one can therefore expect a further drop soon. In the short term, the chart displays growing strength, which may further result in a minor bounce. However, the price currently is trading within a decisive phase that may either propel the price beyond $16,800 or drop the levels close to $16,300.
The BTC price is trading within the rising wedge and presently testing the lower support of the rising wedge, which is largely considered bearish. Therefore, if the price rebounds, it may rise high to reach levels beyond $16,800, or else drop close to $16,300. However, even if the BTC price rebounds, the price could still encounter a bearish breakout as it reaches the pinnacle of the consolidation.
Bitcoin (BTC) Price May Go 5x in the Long-term
Regardless of the star crypto being stuck within a bearish trend, the long-term prediction is extremely bullish. In a recent interview with Benjamin Cowen, a well-known analyst, PlanB, an anonymous BTC proponent, believe that the price may head towards $10,000 after the next halving in 2024.
Moreover, PlanB believes that the current FTX impact may continue for a long. Furthermore, the end of the conflict between Russia and Ukraine may have a positive impact on the BTC price. Elaborating more on the price movements, PlanB believes that the BTC bottoms could be reached sometime in the next 3 months.
“The bottom of the bear market is also about a year, one and a half years, after tha all-time highs. And that’s also true today. It was true in 2019 and 2015, and it’s also true today in 2022. But from the bottom of the bear market, once we hit the bottom it will go up.”
“So the rising, if you will, is not starting at the halving or after the halving. It will start when the bottom of the bear market is reached. And that could be today. Or next month. Or maybe three months from now. But it will come,”