The bitcoin price is plunging! The bulls are constantly failing to restore the lost levels, as they appear to be pretty weak comparatively. The volume and volatility remain at ground level, due to which the price is stuck within a very narrow range. Presently, the star crypto is trading just below $25,800, displaying enormous chances of visiting the interim support close to $25,000. 

Can this be an opportunity to trigger a fresh bullish wave?

In the short term, the price appears to be under the extreme influence of the bears, as the technicals are not in bullish favour. With a minor jump, the price is facing a quick pullback, compelling the price to reclaim its initial position. While the traders expect a notable upswing after the prolonged consolidation, it may be yet another fake upswing. 

A popular analyst, pseudonymously called Dave the Wave, believes that the Bitcoin price may undergo a bullish breakout before 2025. 

As per the analyst, the halving may not play any major role in propelling the price high but may act as a catalyst for a short-term rally. The price has traded along the logarithmic growth curve and always exploded after reaching the monthly peak. Hence, the analyst believes that the price could remain stable throughout 2024.

In the short term, the Bitcoin price is believed to plunge and reach the lower support level of close to $25,000 initially. An extended period of bearish pressure may also drag the price lower to $24,800, which may be the new 2023 low. However, a notable rebound may follow that may kick start the recovery phase towards $28,000 which may be extended to $30,000 by the mid of Q4, 2023.