Bitcoin’s (BTC) price has been fighting to continue in a bullish outlook since last December in no vain. After invalidating a double top reversal pattern on the weekly time frame, Bitcoin price is now faced with a much more glaring situation as a possible head and shoulder reversal pattern threatens to push the instrument even lower.
Moreover, on-chain data shows that Bitcoin miners have started selling their holdings again despite Grayscale Investments significantly reducing its selling pace. As a result, Bitcoin bulls face a challenging time in the near term, but the macro rising trend stands.
Why Bet on Bitcoin Bears in the Short-Term?
After hiring a psychological resistance range between $44k and $49k in the past few weeks, it is now evident Bitcoin price has been mirroring the previous bull cycles. Using the cycle Fibonacci retracements, Bitcoin price has always faced significant resistance around 0.618, which coincided with the resistance level around $44.5k, before retracing towards 0.382 level, which coincides with the support level around $35k.
Nevertheless, the anticipated Bitcoin price correction is expected in the coming weeks before the fourth halving in April. Furthermore, a recent study has revealed that more than 80 percent of global investors believe that Bitcoin price will rally toward a new all-time high after the upcoming halving.
A Bitcoin price drop in the coming few weeks has been described as an opportunity for the altcoins to shine. The altcoin market has already successfully retested a macro bullish breakout amid heightened demand from global investors. Some top-tier altcoins like Chainlink (LINK) and Solana (SOL) have already shown early signs of an inevitable bullish breakout.