Bitcoin needs to stabilize before moving further with this pattern. BTC has strong support just under $40k that can be helpful in the coming days. Currently, BTC is exchanging hands above $41k per unit.
Over the last couple of days, BTC has been retracing to find test its support level. It seems that currency has tested its support level around $39k with a 200 moving average. We can expect that price will go in an upward direction to $46k and if bullish momentum continues then we might see BTC moving to $50k. But if BTC reverses its direction backward and breaks Support around $39k then we might see another bearish cycle in the whole market.
The reverse action of BTC might take it to the $34k support level which can be pretty bad for the whole market. Bitcoin needs to stabilize around the current support level to continue its journey.