Traders delay Bitcoin prediction of $ 100,000 but still expect a boom
$ 100,000 in Bitcoin may not happen, but analysts hope that BTC could end the year above $ 50,000 and start with a new all-time high in early 2022.
Bull traders have “drunk Bitcoin to $ 100,000 by the end of the year” at least finish the year over $ 50,000.
Data from Cointelegraph Markets Professional and TradingView show that the uptrend in BTC has pretty much evaporated after comments from Federal Reserve Chairman Jerome Powell, with prices hitting new lows of $ 45,500 even further in the past 48 hours.
Here’s what traders think of Bitcoin’s current price action, and what could stand for the rest of 2021.
Bitcoin consolidation reflects May price action
Twitter analyst with the pseudonym “Rekt Capital”, So The current price movements in the direction of consolidation can be observed from May to July.
Rect capital says
“BTC is still consolidating within the two main EMAs of this bull market. Just like in May 2021 (yellow circle). ”
If a similar pattern occurs, BTC price could consolidate further and fall another 6 to 8 weeks before resuming its upward trend.
$ 44,000 could be the “bottom”
A similar scenario was predicted by Cointelegraph employee Michaël van de Poppe, who sent The following graphic gives a rough overview of how the BTC price action could develop over the next few months.
Based on the chart provided, Van de Poppe sees the possibility of a further drop to the $ 44,000 mark, followed by a return to current levels for a brief period of consolidation and then a continuation of the trend.
Related: Analyst lists 21 factors that are causing the Bitcoin price to rise – but only 4 signals down
Fluctuations in emotions do not change the latent power
One last look comes from crypto analyst TechDev, who sent The chart below shows a more macroeconomic view of BTC’s price action after each halving cycle.
TechDev identified two previous instances where BTC price experienced periods of intense volatility, followed by a rally in the late phase and a bearish scenario to new all-time highs.
“Despite a great deal of volatility in sentiment over the past two weeks, Bitcoin remains in a similar macro position.”
Subsequent tweets and replies suggest an overall bullish outlook for BTC in the long run for TechDev, the specified that “all eyes are on retracement levels”.