• Bitcoin prices have been trading in a very narrow range, below the resistance of $30,785.
• Analyst Tolberti suggests that the price may drop back below $25,000 and fill CME gaps below $20,000 before rising again.
• The expected trade pattern for H2 2023 is a strong jump to $33,000 followed by drop to $25,000 and finally consolidation around $20,000.
Bitcoin Price Action for H2 2023: Overview
The bitcoin price continues to stick within the same regions below the crucial resistance of $30,785. With the drop in volatility, it trades within a very narrow range with expectations of a bullish breakout. However, as per popular analyst Tolberti’s prediction, it may not reach beyond certain levels which mark highs for the year.
The price began 2023 with an upswing that was speculated to be followed by a bullish breakout above $25K triggering an impulse wave towards north. The unfilled CME gap of $21K is believed to be filled soon after which there might be massive crash before another jump up close to $33K taking liquidity above previous swing high from 2022.
After the initial surge in prices is over investor might expect bearish trend intensifying before dropping down to liquidate liquidity at around near about 20K levels where it can consolidate again till next impulse wave appears or any other major event takes place in crypto space.
The BTC trade plan for H2 2023 could involve formation of diamond or head & shoulder pattern then a massive dump back down to fill all CME gaps and finally consolidate near about at 20K level until further events take place in crypto space and new impulse waves appear on chart allowing investors to make profits eventually.