Analysts say Bitcoin’s behavior around $ 47,500 reflects the market prior to the 2017 breakout.

Crypto markets fell again after Bitcoin’s (BTC) price fell to $ 47,500 on December 9, but most analysts agree that the price will be in the range of $ 40,000 to $ 55,000 by the end of the holiday season US dollars will stay.

BTC / USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView show that the morning’s defense of the $ 50,000 support level has been overwhelmed by sellers and offers at the underlying support levels don’t instill much confidence in the bulls, according to independent market analyst Ben Lilly.

Here’s a look at what analysts and traders are saying about recent price action, and whether BTC’s current downward movement is a sign that a bear market is brewing.

Bulls are targeting $ 47,000 support

Analysts say Bitcoin’s behavior around $ 47,500 reflects the market prior to the 2017 breakout.
Analysts say Bitcoin’s behavior around $ 47,500 reflects the market prior to the 2017 breakout.

The analyst and pseudonymous Twitter user “Rekt Capital” reported the weekly price movement that publicly The chart below outlines the support and resistance levels currently relevant to BTC price movement.

1 week chart for the BTC / USDT pair. Source: Twitter

Rekt Capital said:

“BTC threatens to lose this red support, but a breakdown has not been confirmed. Below the red zone is the orange zone, strong support that ended two -25% corrections in February and September. In general, red has to hold in order not to fall to orange. Hold on here until further notice. “

Full-time trader and Cointelegraph employee Michaël van de Poppe also keeps an eye out for price movements around these important support levels and publicly The graph below outlines the make it or break support level at the USD 40,000 lows.

1-hour chart of the BTC / USD pair. Source: Twitter

Poppe said:

“One important area to preserve is the region, which we already touched for $ 42,000. The closing price was over $ 46,000 to $ 47,000 and I’d rather not lose that. “

The formation of the pennant indicates a possible rebound

Analyst and pseudonymous Twitter user “TechDev” provided a more detailed analysis of BTC’s weekly price movement, posting the following tweet describing the formation of pennants on the Bitcoin chart, which was recently followed by bullish breakouts.

As TechDev said at the end of his tweet, no one said it was easy to make money and hold onto the long-term prospects for BTC faces. currently.

The Bitcoin price action is similar to the 2017 market

The cryptocurrency trader and pseudonymous Twitter user ‘Nunya Bizniz’ gave some final information, releasing the following chart, which compares the price development of BTC during the bull market cycle of 2017 with the current chart and indicates a possible breakout that is imminent for Bitcoin in the near future Future.

2017 BTC / USD price promotion compared to the current BTC / USD pair price promotion. Source: Twitter

Nunya Bizniz said:

“The price action of a previous ATH that was most similar to the current one was in 2017. Maybe?”

While it remains to be seen what will happen to the price of Bitcoin in the near future, it seems that the few predictions of $ 100,000 for late 2021 are falling short and may not materialize until 2022, if at all.

The global market capitalization of cryptocurrencies is now $ 2.25 trillion and Bitcoin’s dominance index is 40.1%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and every course of business carries risks and you should conduct your own research when making a decision.

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