Encryption markets fell again after the price of Bitcoin (BTC) fell to $ 47,500 on December 9, but most analysts agree that the price will remain between $ 40,000 and $ 55,000 until the end of the season. holidays.

Cointelegraph Markets Pro and TradingView data show sellers topped $ 50,000 in support early in the morning, and according to independent market analyst Ben Lillee, bids below support levels won’t give much confidence.

See what analysts and traders are saying about recent price action and whether BTC’s current downside is a sign of a bearish market.

The Bulls are targeting $ 47,000 in support
Twitter analyst and pseudo-user Rect Capital provided a weekly price chart, which posted the following chart, describing the support and resistance levels currently associated with BTC price action.

1 week BTC / USDT chart. Source: Twitter
Rekt Capital said:

“BTC threatens to lose this red aid, but there is no confirmed damage. Under the red, the orange zone is a strong support, complete with two corrections -25% in February and September. red turns orange. Stay here until you’re younger. ”
Cointelegraph trader and full-time partner Michaël van de Poppe is also awaiting price action around these significant support levels, with the following table describing the support level “fix or break less than $ 40,000.

1 day chart BTC / USD. Twitter source
The Pope said:

“Cut it, cut it for bitcoin. A critical area we need to keep is the area we’ve already reached $ 42,000. The end result was over $ 46,000 – $ 47,000 and I don’t want to miss it at all. .
The construction of the color suggests a leap to the end
An additional analysis of the weekly BTC price action by analyst and pseudo-Twitter user TechDev, posted the following tweet on the creation of signals that have been shown to be followed by bursts in the Bitcoin chart rises recently.

As TechDev concluded at the end of his tweet, no one has ever said that it is easy to make money and maintain the long-term prospects of BTC and have retained the greatest rewards for those who can afford these races. The market is currently facing.

Related: Bitcoin could reach $ 100,000, gold $ 2,000 in 2022 due to “depressive forces” – Bloomberg analyst

The price action of Bitcoin is similar to that of the 2017 market
Twitter currency trader and pseudo-user Nunya Bizniz presented the final image, comparing the price of the BTC cryptocurrency in the Bull Market 2017 cycle with the current chart below and citing a possible Bitcoin analysis. In the near future.

BTC / USD 2017 price activity compared to current BTC / USD price activity. Source: Twitter
Nunya Bizniz said:

“Could the price of a previous ATH be more or less the same as in 2017?”
It remains to be seen what will happen to the price of Bitcoin in the near future, as it looks like a handful of forecasts will fall to $ 100,000 by the end of 2021 and may not happen until sometime in 2022.

The total limit on the cryptocurrency market is now $ 2.25 trillion and Bitcoin dominates 40.1%.

Source: CoinTelegraph