The current Bitcoin price action reflects the market just before the 2017 breakout

The cryptocurrency market rebounded after Bitcoin price fell to $ 47,500 on December 9, but most analysts agree that the price is expected to stay in the $ 40,000- $ 55,000 range through the end of the holidays.

BTC / USDT 4-hour chart | Source: TradingView

Data from TradingView shows that defending the $ 50,000 support level has been overwhelmed by sellers and follow Independent market analyst Ben Lilly, Bitcoin price at the fundamental support levels lacks the bulls’ confidence.

“The supply pressure is low, back to the neutral financing rate. This is slowly reminiscent of the price movements we saw earlier this year when the price fell below $ 30,000. “

Here’s what analysts and traders say about recent price moves and whether Bitcoin’s recent decline is a signal that a bear market is forming.

Bulls are targeting $ 47,000 support

Weekly insights into price movements were provided by analyst “Rekt Capital” who released the following chart outlining existing levels of support and resistance to Bitcoin price movement.

https://twitter.com/rektcapital/status/1468981289441280007?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Bitcoin threatens to lose this red support, but not a confirmed crash. Below is the orange zone, strong support blocked two 25% corrections in February and September. In general, red needs to be maintained so it doesn’t turn to orange. Stay here until there is news about Bitcoin. “

Trader Michaël van de Poppe also watches price moves around these key support levels and has released the following chart outlining the size of the $ 40,000 support.

https://twitter.com/CryptoMichNL/status/1468868616468762625?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“One important area to hold on to is the $ 42,000 level – the area Bitcoin slipped into during the recent downturn. The closing price was over $ 46,000 – $ 47,000 and I definitely don’t want to lose it. “

Pennant formation indicates a final jump

Another analysis of the weekly price development of Bitcoin is provided by the analyst “TechDev”, who published the following tweet, which outlines the formation of the pennant, which has been followed by verifiable bullish breakouts on the Bitcoin chart in the past.

https://twitter.com/TechDev_52/status/1468960710478548995?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Still watching Bitcoin’s weekly pennant action. The most bullish moves usually come from testing devaluation points“.

TechDev emphasizes that making profits and maintaining the long-term prospects for Bitcoin is not easy, and the greatest rewards are reserved for those who can hold out the long struggle.

Bitcoin price action similar to 2017 market

One final glimpse was provided by trader “Nunya Bizniz”, who published the following chart, which compares the current price development of Bitcoin during the bull market cycle of 2017 and indicates a potential breakout potential for Bitcoin in the near future.

https://twitter.com/Pladizow/status/1468692582632935426?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Bitcoin daily frame: The price action on the previous ATH is almost the same as it was in 2017“.

While it remains to be seen what happens to Bitcoin price in the near future, it is certain that the $ 100,000 probability will decrease by the end of 2021 and may not happen until 2022.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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