Prediction for the price of bitcoin: Will BTC bears cause a 30% drop?

The decline in positive momentum in the price of bitcoin may be the result of investors taking gains. Given that BTC has made a lower bottom, this move may start a well-known fall, which would surprise late bulls.

Bitcoin price gets ready for a significant decline :

In the four-hour chart, the price of bitcoin has created a bearish breaker. As previously said, this setup has two higher highs, giving the appearance of an upswing and luring other bulls to join. Yet, these early investors are now trapped and searching for an exit as the price declines and creates a lower bottom.

The asset is under intense selling pressure as its price retreats and retests the final downward candlestick between the higher highs. Bears may like to enter at this retest.

The bearish breaker for the price of Bitcoin is between $30,539 and $30,244, so a retest of the lower boundary may be a good opportunity to short BTC. Yet at the $30,000 psychological threshold, investors may decide to liquidate their shares sooner.

While the outlook for Bitcoin price is bleak, the first indication of bearish weakness will be a fast climb over the psychological barrier of $30,000. The bearish argument will be refuted if this move propels Bitcoin higher and results in a daily candlestick close over $30,540.

The production of a higher high by the price of bitcoin, which marks the next significant barrier at $32,661 and signals a confirmation of the positive view, will occur.