Although while numerous expected the Bitcoin (BTC) price to slump below $25,000, the star cryptocurrency is attempting hard to remain over these levels. It has evolved more familiar between market participants to expect a fine plunge below the immediate support levels if the price prints consecutive daily bearish candles. Nonetheless, the more the Bitcoin price plunges presently, the greater the chances of a positive tendency rebound, which can potentially prevail for a long time.
Despite the fact that the Bitcoin price seems to have stuck under an extreme bearish trap, it has been making efforts to break over. Nevertheless, the attempts were unsuccessful, but the rally manifests its strength and the likelihood of maintaining an elevated tendency in the longer run. This is why, a trending analyst, pseudonymously was known Negentropic, reveals that the token’s hard bottom will set the stage for a strong upward movement.
The analyst identifies the hard bottom levels around $25,900 to $26,200 and reveals that the price may sooner or thereafter consolidate around these levels and trigger a rebound. It has happened previously when the prices formed a bottom around $15,800 to $16,000. The price hovered within these areas for a time and further soared as the Bollinger bands underwent acute contraction.
A similar contraction is expected in the coming days, and to do so, the price is required to plunge further. Hence, a fall just below $26,000 to reach the hard bottom around $25,700 or $25,500 is very possible, which can potentially further attract huge longs. Hence, the analyst reveals here
“Risky shorting: Bollinger Bands signal an imminent upward move,”