Bitcoin has displayed an unexpected move over the past few days as it crushed the possibilities of reaching $30,000, dropping through $25,000 initially and later to $28,000.
However, the recent price drop has changed the entire scenario as the price is now expected to revisit the support below $20,000.
The price of Bitcoin fell from the ascending triangle and eliminated the possibilities of a bullish reversal for a while, as the market may remain consolidated for an extended period.
Will Bitcoin price continue to consolidate south, or can a bullish push relieve the token of bearish influence?
A popular analyst, DonAlt, tell its 464.8K followers that traditional financial markets, such as stocks, can have a bearish impact on the price of Bitcoin. According to him, the price of BTC could reverse the bearish trend once the traditional markets turn bullish.
“BTC is driven by traditional markets but refuses to make new lows as the S&P (stock index) bleeds. As traditional markets rebound, I expect a huge outperforming green candle from BTC,”
The analyst further updated that during the time when the price of BTC was stable, the traditional markets rallied strongly. He also notes that BTC’s less than stellar reaction to the stock market rebound is not “optimal”.
Meanwhile, another popular analyst, Altcoin Sherpa also forecast the possibilities of an extended bear winter.
“BTC: Some mark the top in May 2021. Others mark it in November 2021. Anyway, it’s been a long time since this Bitcoin bear market started.
And it will probably take much longer before the price of BTC really “bottoms out”.