Human power drives Bitcoin price – bullish turnaround targets $ 61,000

In an interview with CNBC on Wednesday, Pascal Gauthier, CEO and Chairman of Ledger, said he believes retail investors will be the main driver of Bitcoin price growth.

BTC has been falling rapidly over the past few months and currently stands at $ 44,095. The price is now about 36.2% below the ATH of $ 69,044 set on Nov 10th. With prices falling, CNBC host Arjun Kharpal asked Ledger’s CEO what could drive BTC prices higher again this year. Gauthier said:

“What you are seeing right now is the retail trend in Bitcoin. The number of addresses with a minimum number of bitcoins is increasing compared to whales. I think you have grasped the far-reaching retail trends around the world. People are getting into Bitcoin, they are trusting more and more and these are really the people who are going to drive the price of BTC up”.

While Gauthier sees encouraging signs in macro trends, there is also some positive news for Bitcoin in microtransaction analysis. According to Valdrin’s technical analysis, BTC price could be close to the bottom as both MACD and RSI rise.

For the broader market beyond Bitcoin, Gauthier had a few more thoughts and even praised a blockchain.

“I think this year is a year of consolidation for a certain number of coins. A lot of projects went live last year and this year they have to deliver applications that run on these protocols. So you will see some of these projects grow up and power a lot of businesses. I mean, you can see that Solana is building a good value proposition on the NFT side to compete with Ethereum. I think this year you will see a lot of the same and scalability in all of these logs. “

Perhaps Gauthier was impressed with Solana’s value proposition. However, blockchain is not without its problems in 2021 due to a number of technical problems and failures. These are the challenges the Solana team will face as the project is set to grow through 2022.

While Gauthier remains optimistic about Bitcoin and Solana, Kyle Samani, CEO of Multicoin Capital and major investor in Solana, recently predicted a future “end” for BTC.

Price reversal exist Bitcoin back to $ 61,000

Bitcoin price is rebounding, driving a new 7-day high and undoing the loss of the last 6 days. While BTC is not yet out of danger, there is significant buying pressure and many bears are trying to stay ahead of the head-and-shoulders pattern with early short positions that have yet to be closed.

Bitcoin price will likely start in 2022 with a nasty bear trap in the form of a head-and-shoulders pattern. In technical analysis, head and shoulders are the most recognizable and profitable chart. Unfortunately, however, they are also the most disapproved of the charts. The clearer the head and shoulders pattern, the more likely it will be rejected.

The current Bitcoin price action could be a great example of why very obvious head and shoulders patterns are turning into bear traps. Last week’s close below the cutout confirmed a head and shoulders pattern and the bears continue to try to sell more but it looks like buyers have joined.

Price table Ichimoku BTC / USD Daily | Source: Tradingview

Bitcoin price has to close above the weekly Ichimoku cloud at $ 43,450 to confirm a rejection of the head-and-shoulders pattern. Additionally, buyers will need to place Bitcoin at levels that could resume the bull market. The deal of $ 47,000 or higher puts Bitcoin back above the volume control point, the weekly Kijun-Sen, and brings the Chikou range back to the open space. From there, Bitcoin will have a very open avenue to test the next major resistance at $ 61,000.

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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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