So far this year there has been a lot of FUD around Bitcoin in particular causing a big reduction in price. From it's near $20,000 per Bitcoin price in December as of today the price is at around $7,500.
The way I see it there are currently 2 scenarios for the price of Bitcoin:
Scenario 1
Looking at the daily chart above we can see that a wedge if forming, some would say that this is a bullish falling wedge as it's in a downtrend. However I would consider it a bullish wedge only when it breaks the descending trend line as demonstrated in the chart above.
Scenario 2
So the next scenario is a bearish one and this would be if the price was to break through the ascending support line. I would expect the bulls to be waiting at the next strong support area at $3000
I am bullish on Bitcoin especially with the developments of the Lightning Network so I think that by the end of the month scenario 1 will occur where the bulls will take control and push the price through the descent trend line to the upside.
However, if there continue to be more negative news regarding Bitcoin then next month may be another bearish one.