Bitcoin price is consolidating within very narrow regions for some days and seems to be waiting for a significant push that may drag the price beyond the consolidation. However, the constant rejections at $30,700 may have weakened the rally to a large extent and hence the bull run could have been deferred for more time now.
Looking at the price history, the BTC price takes nearly 2 years to recover from the lows. Previously, while the price fell in 2015, the price consolidated slowly yet steadily in an ascending manner to reach a peak close to $20,000 in 2017. And later, the price consolidated for nearly 2 years until the end of 2020 and kick-started a bull run since the beginning of 2021. And hence the analysts speculated that the next BTC bull runs maybe after 2 years.
The last two bear markets took 2 years to pass the previous all time highs from the bear market low. Two questions 1 Is the bottom in? 2 Will we have to wait 2 years again? #bitcoin #crypto pic.twitter.com/xcfksQkLr8 — Lark Davis (@TheCryptoLark) May 19, 2022
However, in the short-term, Bitcoin is forming multiple higher highs and higher lows and hence the next target may be yet again above $30,000. The price which is currently swinging within an ascending triangle is expected to break out from this pattern and head towards the next resistance somewhere close to $32,000.
#Bitcoin broke the market structure, and the next LH can be around $30k-$30.3K. Want to trade $BTC but aren't sure which exchange to use? Check out our favorites:
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