Traders delay Bitcoin prediction to $ 100,000, but still expecting an all-time peak in 2022
Bullish traders who projected “Bitcoin to $ 100,000 by the end of the year” are now accepting the fact that there may not be a Santa Claus rally to conclude 2021. For the moment, the chimera has morphed into mere hopes that the major cryptocurrency can at least finish the year above $ 50,000.
Data from Cointelegraph Markets Pro and TradingView shows that the rebound in price seen in BTC following comments from Federal Reserve Chairman Jerome Powell It has practically evaporated and in the last 48 hours the price has reached new lows of USD 45,500 and from the looks of things, the price could drop even further.
Here’s a look at what traders think of the current Bitcoin price action and what might be in store for the remainder of 2021.
Bitcoin Consolidation Reflects May Price Action
Twitter pseudonymous analyst “Rekt Capital”, compared the current price action with the consolidation seen from May to July.
Rekt Captial said,
“BTC is still consolidating within these two key bull market EMAs. As in May 2021 (yellow circle) “.
If a similar pattern were to develop, the price of BTC could continue to consolidate and fall for another 6 to 8 weeks before resuming its uptrend.
The $ 44,000 level could be the “floor”
A similar scenario was predicted by Cointelegraph contributor Michaël van de Poppe, who public The graph below outlines an outline of how BTC’s price action could play out in the coming months.
Based on the chart provided, van de Poppe sees the possibility of another drawdown to the $ 44,000 range that will be followed by a return to current levels for a short period of consolidation and then a resumption of the uptrend.
Changes in sentiment do not change the underlying force
Some final information came from cryptocurrency analyst ‘TechDev’, who public The following chart detailing a more macro view of BTC price action after each halving cycle.
TechDev identified two previous instances where the price of BTC experienced intense periods of volatility only to be followed by a late-stage rally and a higher explosion scenario to a new all-time high.
TechDev said:
“Despite multiple swings in sentiment over the past 2 weeks, Bitcoin is in the same macro position.”
Follow-up tweets and responses signaled a generally bullish outlook for BTC in the long term for TechDev, who declared that “all eyes are on the retracement levels.”
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