Bitcoin price, after surging above $29,000, appears to be struggling to reach the interim milestone at $30,000. The bears appear to have held positions above these levels, as the price has been facing multiple rejections beyond $30,000. Now that the price is closer to re-testing the crucial resistance, market participants believe the star crypto is on the verge of a massive breakout.
On the other hand, the volume continues to deplete as the buyers remain aloof and the sellers also do not want to mount huge selling pressure. However, the current trade setup appears to be quite bearish to one of the Top analysts, Tolberati, who believes the price may soon drop close to $15,000 in the coming days.
The analyst here considers the Elliot wave analysis and says that the major ABC correction has just finished and the price is primed to plunge down to $15,000 or even $10,000! Further, he says that DXY Index is ready for another big wave towards the north and hence the FED will soon pivot them in May or June. This is expected to trigger a massive crash.
Considering the current jump, the analyst believes it to be a fake one as it shows signs of weakness, and hence there should be a correction on the way. Besides, altcoins also possess a drop in strength, as most of them have been creating bearish patterns. Furthermore, there is an unfilled CME GAP at $20,145 which appears to be a threat to the BTC price rally. Moreover, $20,000 is also below the major horizontal support at $25,000, which is another matter of concern.
Collectively, the Bitcoin price has been trading under a misty environment where-in the next course of action is hidden under the clouds. Therefore, until any validation occurs, the bearish or bullish price action cannot be completely validated.