Many traders are speculating that Bitcoin may take a sideways drift. According to these traders, Bitcoin prices may remain reasonably stable for a while without any trends, whether upward or downward.
Recently, the price went all lows during the week, but it has regained a little, but no one can say for sure how it’ll move. According to a trader with the Twitter name of “CryptoWendyO”, rejection could cause the crypto to go back to the range of $50k-$45. If a breakdown occurs in this price range, Bitcoin could go down to $42K-$38K.
Traders Shed Lights on Bitcoin Price Action Lately
Bitcoin went as high as $58,360 last month. Then, after the all-time highs, BTC price spiraled down to $43,015 a few days later.
Few days after that, the Bitcoin price rebounded to $52,660 and later went down again to trade below $50,000. As of writing time, BTC is trading at $55,110.18, which seems to be rising steadily.
Reacting to the Bitcoin movement so far, a Twitter user and trader Cheds with a CMT level 1 certification speculates that the crypto will consolidate at a price higher than the 42K level. Cheds also supported his speculations with a chart.
He also mentioned that everyone should ask is if the 27% correction of Bitcoin price can lead to another upward trend. However, Ched stated that the traders would keep monitoring the range of the lower highs & higher lows every day. Apart from Bitcoin, there have been price declines in other technology stocks trading in the market.