Cryptocurrency trader and analyst Ali explained in a tweet yesterday that Bitcoin (BTC)'s price trajectory after its all-time high in 2021 appears to reflect the 2013-2017 bullish cycle. If history repeats itself, the market leading cryptocurrency may rise towards the end of this year.
Meanwhile, according to press time, CoinMarketCap stated that BTC was traded at $ 29,030.40 after its price decreased by 0.58 percent in the last 24 hours. This negative performance also turned the weekly performance of the cryptocurrency into red, increasing the total weekly loss to -1.12 percent.
Bitcoin price is on the verge of a downside breakout!
Despite the negative daily performance, BTC managed to outperform the rest of the market over the past trading day. BTC's market dominance increased by 0.02 percent in the last 24 hours, reaching 48.73 percent at press time.
From a technical perspective, a rising bear formation has formed on Bitcoin's daily chart. This formation indicated that a downward breakout was imminent next week. If confirmed, BTC's price could drop to $26,915 in the next few days.
However, the price of the market leader may try to rise above the psychological $30,000 level in the next 24-48 hours. Continued buying support could push BTC's price towards the next major resistance level at $32K.
One thing to note is that the 9-day EMA line moved below the 20-day EMA line last week. This indicated that Bitcoin has entered a short-term bearish trend and its price may continue to fall over the next few days. In addition, the 9-day EMA line had also fallen below the 50-day EMA line in the last 48 hours.
If the 20-day EMA line on the market leader's chart falls below the 50-day EMA line, the bearish thesis can be confirmed and the chart pattern is confirmed. In this scenario, Bitcoin price will likely retest the important $26,915 support level.
