- Bitcoin has seen some mixed price action as of late that has made it incredibly confusing as to where it will trend in the mid-term
- The crypto is seeing some signs of strength today, with its price rebounding off of its recent lows as bulls look to target its $33,000 resistance
- The bear case for BTC has grown stronger throughout the past few days, but it remains unclear as to whether or not this low sentiment amongst investors is actually indicative of further downside
- One trader is now noting that it is only a matter of time before BTC makes a massive movement
- This means that where it trends in the short-term will be incredibly influential in terms of its mid and long-term outlooks
Bitcoin and the entire crypto market have seen some tempered momentum this morning, which has come about following a long bout of trading within the lower-$30,000 region.
At one point yesterday, bears were even strong enough to force the crypto below $30,000, but the buying pressure here was significant and helped catalyze a rebound.
One trader explained that he is now watching for an explosive near-term movement, with $42,000 being a potential upside target and $20,500 being his downside target.
Bitcoin Rebounds Following Yesterday’s Plunge
At the time of writing, Bitcoin is trading up over 5% at its current price of $32,150. This marks a notable surge from recent lows of $29,800 that were set yesterday afternoon.
The rebound from these lows highlights just how significant the buying pressure below $30,000 is and may also signal that BTC is poised to see further near-term upside in the days and weeks ahead.
So long as BTC can maintain this momentum, the next key resistance to watch is $33,000. A break above this could lead it to rocket higher.
Analyst: BTC is Bound to See Some Massive Volatility
One analyst explained in a recent tweet that he is watching for some massive near-term volatility.
If bulls take control, he expects a move to $40,000 to come about swiftly. However, if bears take control, he notes that a move down to $20,000 could be imminent.
“Weekly trend suggests that, we either: – bounce from here 2.618 (31,300$) and retest resistance 3.618 (42,072$) – drop from here 2.618 (31,300$) and retest support 1.618 (20,500$). Whatever happens from here will be big, loads of opportunities regardless of direction.”
Image Courtesy of Teddy. Source: BTCUSD on TradingView.
The coming few days should provide investors with serious insights into where Bitcoin and the aggregated market will trend in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.
Credit: Source link