Bitcoin Continues To Chop, Will BTC Price Close the Yearly Trade Above $50K?

Bitcoin price yet again fell into the bearish trap and it appears that most of the crypto assets have also followed a similar trend. Ethereum prices are back below $4000 while Cardano(ADA) price and XRP price remain within the same regions. As the weekend approaches, the assets tend to shed out more gains. However, witnessing the current trend, it could be pretty difficult for the BTC price to close the yearly trade on a bullish note. 

The current trading month came out to be a pretty disappointing one as most of the assets lost a major part of their price in no time. Despite the immense squeeze, yet the asset is believed to be pretty bullish and expected to hit $52K to $53K in the coming days. However time frame may not be restricted for the dame. A popular analyst Micheal de van Poppe believes the asset could continue to maintain a downtrend until it reaches the level around $46,500. 

As per the chart posted by the analyst, the asset tends to range high and surpass $50K in the coming days. However, it may be noted that these levels may not be achieved by the end of 2021 but in early 2022. Therefore, the bearish trend could continue and close the trade of the year itself.

However, despite interim push, yet many believe the asset could witness yet another plunge that may drag the price too as low as $42,000. Yet a bounce after hitting these levels could ease the bearish trend and ultimately achieve the target at the earliest. Therefore the levels around the ATH appear to be pre-programmed yet a minor pullback may be possible in the short term.