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Why Using Bitcoin (BTC) Could Last Around $27k Until the End of 2022

Bitcoin has been stuck in consolidation since the May 11 crash, which led to the price drop from $39,000 to $29,000.
However, the question that remains is whether the king coin is set for further withdrawal, and if so, when can it end?

Bitcoin repeats history?

The relative strength of the king coin has been a great indicator when it comes to changes in past trends, which is why its current state is causing a lot of concern.

After being stuck in a bearish zone for 53 days now, Bitcoin has been experiencing consecutive price drops. And even at the time of this report, the situation has not improved and it shows no signs of improving now.

But this is not the first time the king coin has been stuck in a bearish zone for such a long time. Going back to the November-January period, Bitcoin experienced a similar situation where it was stuck in the area for a good 80 days before breaking out of it with a gain of 11.4%.

During this period, Bitcoin has dropped 41.09% on the chart and is trading at $37.3k.

This time after dropping below the neutral mark in April, Bitcoin seems to be repeating that pattern as it has been 53 days and BTC has lost 35.79% of its value since.

Source: Youtube

If the bearish momentum continues, Bitcoin could slide to $27k and consolidate around the same level until the end of June.

This possibility seems far-fetched, but again, no one is expecting a double crash this month.

Besides, investors seem prepared for a consolidation as their optimism has now turned into fear. While the hope of a recovery remains, it certainly does not replace the fear in the crypto market that has persisted throughout May.

This fear was what led to the sale of 101,250 BTC, worth $3 billion, following the crash, and the subsequent sale of $43,453 BTC worth $1.27 billion.

Going forward, selling may slow down, but investors will only start buying back after Bitcoin closes above $30k.

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