- Bitcoin has been in the grip of massive volatility since late, with buyers losing their edge on the price action
- The cryptocurrency is now declining again to the lower USD 30,000 region where it has been trading for the past few weeks
- Where the following market trends will no doubt depend on Bitcoin’s response to the USD 30,000 support as a break below could prove detrimental to the entire market
- One economist believes that BTC will soon see a sustained streak of range-bound trading around its current price levels
- He believes this will happen before the crypto pushes towards $ 50,000
Bitcoin and the entire crypto market are seeing another influx of selling pressure, with yesterday afternoon’s rebound not being enough to completely debunk the weakness that has accumulated lately.
The cryptocurrency is now struggling to hold over $ 33,000, finding some support here as it navigates towards $ 30,000.
This has created major headwinds for the aggregate market and may continue to slow gains in the coming days and weeks.
An economist is now forecasting some range trading for BTC around its current price levels. He expects this to happen before the cryptocurrency can rise to $ 50,000.
Bitcoin breaks down if Bulls don’t gain ground
At the moment of writing, Bitcoin is trading just under 6% at the current price of $ 33,500. This is where it has been trading for the past day.
The selling pressure seen in the $ 30,000 mid-to-high region has proven to be quite intense and may continue to stunt growth in the coming days.
This can also put ongoing pressure on the aggregate market as altcoins are all dealing with intense weakness right now.
Economist: BTC is likely to reach reach before the Breakout Rally sees up to $ 50,000
A popular crypto-focused economist explained in a recent tweet that he expects Bitcoin to see range-bound trading between $ 30,000 and $ 40,000 until volumes decline further.
He expects this to be followed by a breakout rally to $ 50,000.
“My BTC short-term vision after much deliberation and some flip-flopping is rangebound in 30K-40K until the curve and volumes come off again. Then 50K. I wouldn’t be surprised if 30K is briefly breached, but the risk is high. Those asking for 20K miss the big picture. “
This could mean that the recent price action is healthy and marks the end of a short term parabolic progression rather than the end of its uptrend.
Featured image from Unsplash. Price data from TradingView.