Price Analysis: Bitcoin Bears Are Likely To Dominate Longer

Bitcoin displayed an surprising cross in the past few days by squashing the probabilities of attaining $30,000, enrouting through $25,000 initially and later at $28,000.

However, the current price plunge changed the whole scenario, as now the rate is predicted to revisit the assist below $20,000 again.

The price of Bitcoin dropped from the ascending triangle and eliminated the possibilities of a bullish reversal for some time, as the market may continue to be consolidated for an extended period.

Will the Bitcoin charge continue to consolidate toward the south, or may additionally a bullish push relieve the token from bearish influence?

A famous analyst, DonAlt, tells his 464.8K followers that the traditional financial markets, like stocks, may have a bearish influence on the Bitcoin price. According to him, the BTC charge may flip the bearish trend once the usual markets flip bullish.

The analyst further updated that, in the times when the BTC price traded flat, the traditional markets rallied big. He also notes that BTC’s less-than-stellar reaction to the stock market bounce is not “optimal.”

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