For the first time since the calendar flipped in January, Bitcoin price had a bearish monthly close in May. Having dropped approximately 3 percent in the past 24 hours to trade around $26.8k on Thursday, Bitcoin price faces choppy days ahead. Moreover, several support levels in the higher time frames have failed to yield bullish sentiments.
Bitcoin Analysis
Nonetheless, a popular crypto trader on Twitter Rager (@Rager) thinks Bitcoin still has a shot at hitting $40k before the onset of the fourth halving in 2024. In this regard, Rager noted that Bitcoin has a lot of range to happen similar to the 2019 rally that yielded approximately 200 percent.
Meanwhile, the famous crypto trader noted that the current Bitcoin range will present long-term investors with an opportunity to enter before the onset of the next major bull cycle.
“But do expect a lot of ranging to happen and IMO good BTC entries are worth holding for the next couple of years,” Rager concluded.
What Next For BTC Price?
For Bitcoin to hold a bullish outlook in the coming weeks and months, the instrument must hold crucial support levels to avoid further capitulation. According to another famous crypto trader on Twitter @CryptoFaibik, Bitcoin price is currently consolidating in a falling wedge on the daily time frame chart. As a result, the analyst noted that several indicators including the Bollinger Bands and the Relative Strength Indicator (RSI) have been pointing to an imminent breakout.
“Bitcoin Bulls Must Defend the Crucial Support at 26k and Clear the Resistance at 28k to Confirm a Wedge Breakout..,” the analyst noted.
