The crypto space, ever since the beginning of 2022 trade, displayed its misty behavior and due to which many traders still remain aloof. Just after a minor spike, most of the assets experience a drastic dip, whipping out the gains of the past couple of days. Therefore, now that the bears appear to have become more impatient, it’s time for the traders to remain cautious before entering the market.
The crypto star, Bitcoin has been playing for around $30,000 for several days. The price is consistently rejected from the $32,000 levels but also held the support levels at $28,700. And this is when the trend of the asset and the crypto market as a whole becomes unpredictable.
Adding to the substance, the BTC dominance is rising constantly. At the press time, it holds 46.3% and hence being heavily dominated, the other altcoins ought to follow Bitcoin.
What is expected for the Bitcoin (BTC) price to come?
Despite significant price swings, the price of BTC carries a huge possibility of a massive fall.
As the above daily-BTC chart manifests, the asset after an extended consolidation has formed a significant bearish flag. And hence this could compel the price to flow towards the south. Unless and until the trend is within the parallel channel, the markets may remain chopped. But if the trend line is broken down, which is pretty likely, then a massive plunge could drag the price close to $25,000 or below.
Therefore, given the current uncertain market environment, it is prudent to wait for confirmation of the trend. The market could turn bullish if the price of Bitcoin successfully breaks above $32,000 and undergoes a correction. Alternatively, if the price of BTC breaks below $28,000, the downtrend might prevail for a while.
