The recent volatility of Bitcoin has caught many investors by surprise. As many of them continue betting that the pioneer cryptocurrency will go up, the fact is that it continues correcting. As a result, this short technical analysis will evaluate how low could Bitcoin go if the bearish trend continues.
Bitcoin Technical Analysis
Based on the 12-hour chart, Bitcoin is trading inside a descending parallel channel. Recently, BTC bounced from the bottom to the middle of the channel and was not able to reach the top. Now, everything seems to be indicating that it will pull back to the bottom of the channel once again.