Bitcoin could drive people crazy for months with a price high of $ 53,000

Bitcoin (BTC) can spend “months” floating between recent lows of $ 42,000 and $ 53,000 in a panic, popular analysts warned on Dec. 6.

Scott Melker, known as the wolf of all streets, discussed the BTC price outlook on Twitter and said the range behavior could continue until 2022.

Bitcoin price lows could continue to fall

After failing to even hit the 50,000 mark after last week’s crash, the BTC / USD pair is creating bearish sentiment this week.

Bitcoin could drive people crazy for months with a price high of $ 53,000
Bitcoin could drive people crazy for months with a price high of $ 53,000

As sentiment settled deep into the “extreme fear” zone, Melker joined those who stayed away from the previously ubiquitous short-term price forecasts.

“My overview.> 53,000 continues the bullish fall,” he summarized.

“Everything between the two numbers is now a range cut that will panic traders. People will be extremely bullish at the 53,000 mark and bearish at 42,000 if one is hit.”

A later publication sets the deadline for such a price campaign at “a few months”.

“December has a high likelihood of a limited range cutoff, the ideal time to get off the charts. Make a few thoughtful trades and recharge for the next year, “filbfilb, co-founder of the Decentrader trading platform, continuation.

His comments correlate with those of popular trader Pentoshi, who caused a sensation on December 6, admitting that Bitcoin could still fall to $ 30,000.

This would de facto move the BTC / USD pair to its starting position of 2021 and more than 50% below its all-time highs for the year.

“Trade at a reasonable discount”

Meanwhile, the December 6 opening of Wall Street had little impact on Bitcoin, with the markets comparatively stable as stocks saw a slight upward movement.

If the critics they aimed Given Bitcoin’s supposed lack of ability to act as a store of value, proponents looked for clues as to whether the market was being fairly valued after the sell-off.

For analyst Willy Woo, the on-chain data says it all.

“We are currently working with a reasonable discount.”, revealed it, highlighting the Bitcoin Supply Impact Valuation (SSV) metric.

SSV analyzes when on-chain demand last matched current levels, which means that prices should be higher in the current circumstances.

Woo had pointed out Previously, the recent decline has been accompanied by retail investors who increased their exposure to BTC.

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