According to trader Mags (@thescalpingpro), Bitcoin price could see one of two scenarios play out as it tests a significant 2021-2022 trading range. If price breaks out higher first, Bitcoin could run to $48,000 before a deeper pullback. Alternatively, it may consolidate around the current level first before dropping to $35,000 support.
Revisiting a Massive Historic Range
As Mags explained, “#Bitcoin testing an Important Level. $BTC traded within a massive range back in 2021-2022.” After breaking down from that range, BTC printed bear market lows at $15,500 but has now reclaimed the old trading zone.
With Bitcoin back inside this historic price bandwidth, Mags highlighted two potential outlooks next:
“There are two possible scenarios: Price continues to go higher and shoots up till $48,000 before experiencing a deeper retracement back to the range low. (Fakeout above mid range + Retest of fib 0.618) Price has topped out locally at the mid-range and will start heading lower from here till $35,000 before the next leg up. (Consolidates here with multiple retest before a correct till $35k monthly support)”
The Bigger Picture is Bullish
As we near the end of 2023, Bitcoin hovering around $17,000 means Mags’ outlined scenarios could play out soon. While tricky short-term price action is expected, Mags remains clearly bullish on BTC over the longer-term.
In his words: “Whatever scenario plays out, the overall idea is bullish, any dips are opportunities for buying.” After a brutal crypto winter, Bitcoin regaining this historic range signals the macro bottom is likely in.
Read also:
- Solana (SOL) Shows Signs of Strength, But Is a Pullback Due?
- Ethereum On-Chain Data Promising as ETH Reaches 18-Month Highs Amid Whales Accumulating Over $45 Million in 5 Days
- Chainlink (LINK) Surges 10%; Polkadot (DOT) and InQubeta (QUBE) Emerge as Top Purchased Token
So while Bitcoin may retest range lows near $15,500 again if the second scenario happens, the bull market looks poised to kick back into gear in 2024. Buckle up for what promises to be a wild ride!
Join and Get 10k Tokens FREE!
Engaging community with games and crypto incentives
Integrated platform with GameFi and NFT functionalities
Simple interface that’s easy for new users to explore crypto gaming