As the end of the quarter approaches, high volatility can be expected to post a bearish or bullish close. The flagship cryptocurrency, Bitcoin, has diminished the price variations to a great extent in the last few days. Furthermore, the asset is unable to break through the mandatory levels along with $39,500, despite multiple attempts. Therefore, the coming week is expected to be extremely important for the asset. A decent bounce can lay a solid foundation for a decent uptrend in Q2, otherwise the consolidation may continue.
Bitcoin price continues to float alongside the same $39,000 levels throughout the weekend, showing a healthy buildup of strength. Resistance almost remains stagnant but managed to raise support levels, forming a bullish ascending triangle. To be sure, it may take a couple more days for the asset to break down, but the chances of a retest appear to have dwindled. And thus, following a similar strategy, the price of BTC may reach $69K in the next 3 months as predicted by an analyst.
The analyst believes that the price may continue to consolidate within the ascending triangle for another month or two. And with Q3 2022 starting, it may push itself high to hit the ATH at the very end. However, it is noted that Bitcoin always follows a specific pattern of price movement that includes accumulation and distribution. The asset is currently in a distribution phase that may continue until the end of the first quarter of 2022.
As in the activity model’s pinned tweet, by the middle of the year we may see the end of the accumulation and supply shock…
ATH in 2022 ✍️ pic.twitter.com/k6YqzUzYgX
— Emmy Æther 🩸 (@EmmyMoonie) March 11, 2022
The other analyst also believes that the build-up may end by the end of the first half of 2022, which may start a significant uptrend later on. However, within the current accumulation period, the asset may reach $44,000 levels again in the next week, but it does not hold. And eventually, Bitcoin may slide back below $39,000 and stay within these ranges until the end of the month.
Even though there is less chance of a break above $45,000 in the current month as the resistance at $44,000 may not hold strong. Therefore, a pullback is quite possible whenever the price of BTC reaches $44,000. Interestingly, support levels are expected to rise whenever it tests resistance. And thus, the price of Bitcoin may gather strength to break out of the triangle by the end of Q2 2022.
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