The price of Bitcoin is finally rising above $44,000 again and moving towards the pivotal levels around $44,500. Despite showing a notable uptrend, the asset is still quite uncertain as there is a good chance that BTC price will decline at these levels. And so the current jump could be yet another breakout that may be short-lived.
As the analyst noted, Bitcoin price has been consolidating within the macro ranges for quite some time, since it crushed the ATH. After a strong downtrend, the asset is currently making gains to stabilize a strong uptrend. However, it has yet to reach the mid-range which falls below $45,000. Therefore, no significant change in the trend can be expected until and unless the price reaches these levels.
But on the other hand, BTC dominance points to the asset breaking its highs very soon. According to the analyst, the BTC inverted price chart and the BTC dominance chart both form a similar pattern and therefore the asset could hit new highs somewhere around $72,000 in July or August of this year.
According to the topology, BTC will reach a new ATH in July or August. pic.twitter.com/Wbel9pHnCW
— Hamza (@Itsdehamza) March 23, 2022
Collectively, the current rise can only be validated as a strong uptrend when Bitcoin price breaks the mandatory $44,500 levels and moves above $45,000. Until then, the price could hover below $44,000. And if the bears intensify, the BTC price could again be forced to hover between $38,000 and $42,000 for a few more weeks.