Bitcoin can drive people insane for months with a BTC price cap of $ 53,000 – Analyst

Bitcoin can drive people insane for months with a BTC price cap of $ 53,000 – Analyst. Investors, not short-term traders, are likely to benefit from the BTC price moves ahead, popular names agree.

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Bitcoin (BTC) could spend “months” between the lows of $ 42,000 and $ 53,000, causing panic, a December popularity survey warned.

Scott Melker, better known by his nickname Wolf of All Avenue, discussed the BTC price outlook on Twitter, saying the different behavior could extend into 2022.

Bitcoin price bottom could be lower

After BTC / USD failed to rebound even $ 50,000 after last week’s crash, sentiment is bearish this week.

With a mood deep in the “extreme fear” zone, Melker joined the previously popular high short-term price forecasts.

“My general view.> 53K continues the bullish fall again. Summary.

“Anything between the 2 numbers that are currently oscillating differently will panic traders. People will be extremely bullish at 53k and down at 42k if either of those numbers is hit. “

In another post, the time frame for such a price campaign was given as “a few months”.

Filbfilb, co-founder of the Decentrader exchange: “December has high potential for area-based volatility, an ideal time to take a break from the charts, make a few thoughtful trades and recharge for the next year,” Filbfilb, co-founder of the trading platform Decentrader, continue.

Their comments mimick those of well-known trading colleague Pentoshi, who made waves on Monday while admitting Bitcoin could still plummet to $ 30,000.

https://twitter.com/Pentosh1/status/1467679666748203017?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
That would be BTC / USD as a matter of fact back to where it started in 2021 and was more than 50% below the year’s all-time high.

“Trading with the right discount”

While Wall Street had little impact on Bitcoin on Monday, the markets remained relatively stable as stocks rose.

Related: BTC Sentiment “Like a Funeral” – 5 Things to Watch for Bitcoin This Week

When critics allegedly target Bitcoin lack of ability To act as a store of value, proponents have been looking for clues as to whether the market is relatively valued after the sell-off.

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

“We’re trading at a pretty steep discount right now,” he revealed, highlighting the Bitcoin Supply Shock Valuation (SSV) index.

SSV considers for the last time that on-chain demand was at current levels with the implication that prices would be higher under the current circumstances.

https://twitter.com/woonomic/status/1467868357768937472?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
It used to be Woo Note that the recent decline was accompanied by retail investors who increased their exposure to BTC.