Bitcoin price currently seems to have gained a lot of strength as the bullish momentum has pushed the price above the danger zone. After breaking previous highs around $19,000, BTC price had marked new lows at $17,600. Here an extreme bullish price action gained over 23% of the value to push the price past $21K again. While the asset now looks poised to break through the crucial resistance at $22,500, a bottom below $17,000 is expected to be tested soon.

During the 2018 rally, BTC price was strongly rejected after hitting highs near $20K. This rejection dragged the price down to $3,128 after hitting its initial lows at $6,000. Currently, the price of BTC in the midst of free falling from its ATH at $69,000 fell sharply marking its lows at $17,600. Also, if the pattern reappears, the new lows could be around $16,175 as predicted by a popular analyst.

Also Read: Bitcoin (BTC) Price Will Continue Downtrend Until This Scenario: Benjamin Cowen

The levels at $16K are considered to be quite important and crucial as a large amount of confluence forces many traders to bid here. Therefore, it is very possible that the price of BTC will never reach these levels and if it hits, it may go well below. On the other hand, Bitcoin always tends to test the bottom when it is still in the middle of the bear market. Therefore, it may be possible to test the lower bottom as the current weekly candlestick is still very close to crucial support.

Bitcoin price had previously tried to stop the downtrend but eventually ended up losing more than 40% of its value. However, the bearish pressure had worked well at the time, while currently the bulls seem to be in place. Therefore, the possibility of a significant breakout without making new lows arises. On the contrary, if the bears drag the price below, then a huge bloodbath may prevail for a long time.

Also Read: Big Bull Trap Ahead! This is what follows for the price of Bitcoin (BTC) and Ethereum (ETH)

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This post Bitcoin Price Breakdown 2018 vs. 2022, These May Be the Bottoms If BTC Reflects the Pattern!

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