Will the Bitcoin (BTC) price really reach $10,000 or is it just an unproven forecast?

Bitcoin price has been the most discussed topic in recent times as the asset has shown unpredictable price movements today. While the asset is expected to hit its immediate resistance, the price falls sharply and when the price was on the way to hit the local support, the price bounced back nicely.

Therefore, considering the recent price movements, some are speculating that the asset is in bearish captivity and is ready to fall hard. However, some of the facts point out that the predictions are no less than all misconceptions.

Therefore, it is now time to provide some context about the BTC price rally considering all the previous rallies where the asset marked its ATH. To begin with, 2 things need to be looked at carefully,

• Bitcoin price went sideways to hit ATH
• Second, the previously pointed blow-off peaks are now compared to a flat distribution peak

First, there is no doubt that the current chart pattern is extremely bearish in reality. It is also a proven fact that BTC price reached ATH around $69,000, moved sideways, actually corrected from the April 2021 peak.

The pink wave in the chart above underpins the current which is at an all-time low adjustment. While the previous conventions, having the different color codes above, underwent a similar structure, but further underwent a parabolic move within the alignment.

Second, the comparison between the rallies must be made of the actual money flown into Bitcoin. This is measured with a chain indicator ‘Realised price’. If the above alignment is held by ATH and scaled with realized price, it appears even more bullish even in terms of downside potential.

The cycles above are adjusted by the April 2021 peak, scaled by realized price. No doubt the structure points to some downside potential between 17K to 13K, but $10K or below seems unlikely. It must be noted that the bottoms were reached at the first drop below the realized price.

Therefore, we can definitely expect a further sideways trend going forward, and to register new lows, the markets will have to undergo a major capitulation event. However, these events are very rare and seem to have already passed away.

Therefore, the Bitcoin(BTC) price may eventually rise high, but after moving a little sideways. The star crypt is currently showing fewer chances to break below $10,000 as a fierce bearish pressure is required to accomplish the task.