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Bitcoin Is Testing Critical Levels, While it May Soon Offer a Great Buying Opportunity!

December 10, 2023
in General
Bitcoin Is Testing Critical Levels, While it May Soon Offer a Great Buying Opportunity!
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With the recent upswing, the Bitcoin price appears to be in the final phase of recovery that it triggered after marking the bottoms after the FTX collapse. After maintaining a fine upswing since the start of the year, the BTC price has soared beyond 170% to mark yearly highs close to $44,500. Meanwhile, the price displays huge potential to reach new highs beyond $45,000 before the end of the year.

The bitcoin price is poised to rise above $45,000, but with a twist!

Considering the historical price pattern, the BTC price is trading within the range back in 2021–22, wherein the price broke down later and printed the bear market lows, now at $15,500.

The price reclaimed the old 2021–22 range and is currently testing the mid-range.

One of the popular analysts, Mags, presents the two probable scenarios, considering the above charts. 

The price continues to go higher and shoots up to $48,000 before experiencing a deeper retracement back to the range lowSecondly, the price has topped out locally at the mid-range and will start heading lower from here till $35,000 before the next leg up

The analyst believes the price may consolidate here with multiple retests before reaching $35,000 in monthly support. However, he also says that the overall trend is bullish and may offer a good buying opportunity. 

“Whatever scenario plays out, the overall idea is bullish, any dips are opportunities for buying,”

Photo of Sahana Vibhute

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/price-analysis/bitcoin-is-testing-critical-levels-while-it-may-soon-offer-a-great-buying-opportunity/

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