Bitcoin price continues to struggle within the same price range, as the bears successfully restrict the price below $20,000. While the buying volume is constantly depleting, fewer chances of a bullish breakout may be expected. The BTC price after a brief consolidation dropped heavily from $19,600 to reach the bottom at around $18,500.
BTC price could certainly rise above all odds and reclaim lost levels, but in the longer time frame, an extended bear market appears to be imminent. Bitcoin, since its inception, has been trading within a wave pattern, hitting upper resistance and lower trend lines during each bullish and bearish cycle. Unfortunately, the asset is close to slicing through lower support and making new lows beyond expectations.
The BTC price was trading within a fine parabolic uptrend since the beginning which appears to have shaken a bit. The major trendline that was been followed from 2013 is breaking down which flashes huge bearish signals for the asset. If we consider Elliot Wave analysis, then the asset has accomplished a major wave and is due for further ABC retracement. The target of Wave C is the start of Wave 4.
Moreover, bitcoin price broke below the crucial 200-day MA level for the first time in its history which indicated a bear resurgence. After a significant breakout, the price may eventually retest the trend line but break hard to hit lower support and fail to leave. Unfortunately, the lower support is near the $3,000 level.
Therefore, if the bulls do not jump in, then the Bitcoin (BTC) price may deep dive into a bearish trend somewhere in 2025.
