The crypto markets bloomed for a while as Bitcoin prices raised beyond $19,500. However, the upper limits remained capped at $19,600, where the asset faced constant rejections in the past couple of days. Presently, the prices have begun to head towards the crucial demand area, hinting at a probable bearish close for the quarter.
On the other hand, Ethereum price is close to losing the crucial $1300 level, which could further add to the bearish momentum in the coming days. Therefore, the price of BTC is expected to rise substantially in the coming days, which could lead to a catapult action to take it above $30,000 in the next 6 months.
The BTC price is closer to forming the second bottom of the double bottom pattern, which may further uplift the price beyond interim resistance at $22,500 and later at $25,000. By the end of 2022, the prices are expected to have risen by another $29,000. However, a steep bearish action is expected at $30,000, which is also the neckline of the double-bottom pattern.
However, bitcoin price continues to trade within an ascending triangle in the near term and is expected to undergo a short term bounce after reaching the top. Furthermore, external factors are slowly turning in favor of the crypto markets as inflation rate of many countries Reaching their highest price. So, despite the close of recession for the quarter, the coming months could be quite thriving.
