Bitcoin is undergoing one of the volatile weeks of 2024 the times when the volume has remained within an average range since May. A bullish move activates the higher targets, while the bear’s pullback raises the possibility of plunging below the local support. This has compelled the BTC price to remain stuck within a range for the past couple of days. The previous consolidation around these levels resulted in a bearish pullback close to $52,000.
Now the question arises: whether history will repeat itself or a breakout above $68,000 is underway.
As the daily chart suggests, the BTC price has been stuck within a descending parallel channel ever since the token faced rejection from the highs above $73,750. Although the price resides comfortably within the upper bands of the channel, the likelihood of diving below the levels emerges. As the levels remain stuck for over a month, a drop in the price may attract fresh liquidity to the token, resulting in a huge upswing.
A popular analyst, ALI, lays down a path to $78,000 but says that a drop to $60,000 may come first.
As per the chart proposed by the analyst, the BTC price may experience a pullback, back to $60,000. The technical formations suggest the bulls may lose their grip over the rally as the RSI is undergoing a bearish divergence. Therefore, the analyst suggests the price may drop to $60,000 and trigger a rebound to $66,000. However, this may not certify a rise above the bearish influence, as another drop below $60,000 may trigger a final breakout.
“I think the best way to mess with everyone’s dreams would be for Bitcoin to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out towards $78,000!,”
Therefore, the Bitcoin price is expected to close the monthly trade on a bearish note, which may attract significant liquidity to the platform. The start of the final quarter is expected to be largely bullish and hence a price forecast of $78,000 appears to be viable.
