• Bitcoin price continues to remain below $30,785 and has dropped in volatility.
• Popular analyst Tolberti believes the price may consolidate until the end of 2023, and then drop back to fill CME gaps at or below $20,000.
• The next 6 months could see a jump to $33,000 followed by a drop back to $25,000 and further consolidation before an intensified descent towards $20,000.
Bitcoin Price Action for H2 2023
The bitcoin price continues to stick within the same regions, below the crucial resistance of $30,785. With the drop in volatility, the price trades within a very narrow range.
The expectation is that there will be a bullish breakout from this range. However it may be restricted to certain levels which may even mark highs for the year.
Popular analyst Tolberti believes that after this breakout there will be a third impulse wave towards the north. The expected jump is up to $33,000 initially taking liquidity above previous swing high from 2022.
It is speculated that after this jump there will be a massive drop back below $25,000 which could then lead into an uptrend.
The unfilled CME gap of $21,000 is expected to be the last gap filled with speculation of a large crash regardless of recent surge. This crash would not reach as far as$10,000 but still trigger an impulse wave signifying bull market.
In chart formation it is possible that a Diamond or Head & Shoulder pattern can form over next few months before final dump reaches gap level of $$21,000.