Technical analysis

Bitcoin Preparing For a 50% upswing-Here’s When the Bulls May Rise the Price Close to $40K

Bitcoin price ignited a fresh decline from $27,000 and tested the lower support at $26,500. The price is currently trading below the 100-day MA levels and flashing the possibility of dropping lower if the support levels are tested again.

The price recently failed to gain strength and formed a short-term top, resulting in a downside movement. Meanwhile, the current price trend doesn’t seem to prevail for long as the bulls appear to have made up their minds for bullish price action.

The price is currently moving in 50% swings, with the initial swing printed in Jan-Feb 2023, with the lows around $16,600 and the highs set near $25,500. However, after gaining 50%, a decent pullback was triggered from $25,000 to $20,000. The next swing also came out to be 50% in size during the first few days of March as the price soared from around $20,000 to reach levels close to $29,000. 

Interestingly, this swing continues to be in progress as the BTC price continues to remain within the swing. 

Source: Tradingview

Hence, the next upcoming swing is also expected to be a minimum of 50%, which may occur after the BTC price undergoes a minor pullback. This pullback could be triggered as the price hits $30,000, which may be in line with the previous swings in 2023.

Therefore, the next swing may trigger lows around $24,500, while the bulls may carry the target at around $37,500.

Therefore, the current phase suggests a notable price plunge may be in action, but the pullback may certainly not present the trend to test $30,000. However, a notable drop may spark at this stage, which may intensify the bearish action. The bulls are believed to remain passive until the bears get exhausted, after which a notable upswing may begin to reach beyond $35,000. 


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