Bitcoin is expected to grow up to $35,181 or it May Dip to $24,601

Despite making several efforts, the bulls have not been able to push Bitcoin (BTC) out of the low trading trend. The data shows that the trading price of Bitcoin is currently stuck between particular ranges. The graph shows that the price of Bitcoin is stuck between the support line and the downtrend line, which is $28,630.

It was on May 26, when the bears managed to pull the trading price of Bitcoin below the $28,630 benchmark. The same situation and movement were experienced with the price of Bitcoin on the following day (May 27) as well.

Although the bears tried their best to pull Bitcoin lower than the particular mark, they were not able to sustain it. They kept selling Bitcoin on a higher scale but the bulls kept buying it with a strong force.

This is the reason why the trading price of Bitcoin ended up experiencing a strong rebound. The particular rebound and outcome against the bearish efforts were recorded on May 28.

The Bullish Efforts for Bitcoin

Since May 28, Bitcoin’s price has started experiencing a rebound. The graph shows that the bulls have been pushing harder to move Bitcoin over the line representing the downtrend.

As of now, the graph shows that the bulls are trying hard to bring Bitcoin close to the 20-day EMA, which is $30,538. Their aim is to challenge the bear at the particular checkpoint and get past it.

If the attempt made by the investors does work out, then the bulls will have the opportunity to form a stronger rally. This would allow the bulls to push Bitcoin with a higher force. The next target for the bulls will be to push the trading price of Bitcoin all the way up to the 50-day SMA. A look at the price prediction for Bitcoin shows that it may reach a high price of $35,181 (50-day SMA).

Chances are Weak for a Bearish Trend

Surprisingly, after weeks of waiting, the situation is now leaning towards the bullish trend. This is the reason why the RSI has now started moving in favor of the positive trend. This is a confirmation that the bulls trend may start gaining momentum, and Bitcoin’s price may start rising.

It is being expected that soon the entire Bitcoin may get surprised with a strong rally. For now, there are strong chances of a rally taking place, which may push Bitcoin’s price higher.

However, if the bears do manage to pull Bitcoin below the $28,630 price, then Bitcoin may start moving in the sinking channel. Once Bitcoin hits the particular road, its price may dip to the strong support line of $26,700. This will be a point where the true strength of the bulls will be tested.

If the bulls fail to demonstrate true strength and are not able to muster up a strong buying force, then Bitcoin’s price may dip to $24,601.