Bitcoin price amazed the crypto space with a monster rally and mainstream adoption in different sectors. However, in recent times, the currency witnessed a loss of the user’s as many other altcoins possessed stronger momentum to propel to higher highs. Thus BTC price rally’s limitations remained within lower highs.
The BTC price currently is on the verge of forming a ‘Head & Shoulders’ pattern and if it breaks the neckline a plunge is imminent. An analyst has predicted the price if breaks the neckline, then the levels between $34000 to $35000 may be fast approaching.
According to the chart posted by the analyst, the BTC price may experience a downtrend in the coming days. Interestingly, the price had earlier formed an inverted head and shoulder pattern and upon breaking the neckline, the price surged above $37,000. And hence if the similar trends repeats, then a BTC plunge is imminent.
However, the price is expected to undergo a decisive phase and end up losing a greater chunk of is price. As mentioned by an analyst The Crypto Dog, the daily price chart suggests a formation of lower high. Also the price is attempting hard to sutain the initial support levels around $36658.
On the worst side, if the bitcoin price fails to sustain and loses momentum, it may revist the lower levels at $32,133 or even may slip below $30,000. Collectively, the BTC price is trending around the pivotal regions and a breakout appears to be mandatory.