Drinkers who have been drinking “Bitcoins for $ 100,000 until the end of the year” say there could be no Santa Claus party now ending in 2021. Money with the highest encryption can last a year for at least $ 50,000.

Data from CoinTelegraph Markets Pro and TradingView show that the price jump observed at BTC after the speech of Federal Reserve Chairman Jerome Powell has evaporated significantly, breaking the new low of $ 45,000 in the last 48 hours. Prices are likely to fall further.

4 hour BTC / USDT chart. Source: TradingView
Here’s a look at how traders see the current price of Bitcoin and what to expect for the rest of 2021.

Bitcoin consolidation reflects the action of the price of oil
Prominent Twitter analyst Rekt Capital compared the current price action with a consolidation from May to July.

1 week BTC / USD chart. Source: Twitter
“Right chapter,” he said.

“BTC is still consolidating in the two key EMA markets. As of May 2021 (yellow circle).”
If a similar pattern is observed, the BTC price will continue to stabilize and fall after 6-8 weeks before the resumption of growth.

$ 44,000 could be “down”.
A similar prediction was made by Michaointl van de Poppe, a partner in Cointelegraph, who published the table below, describing how the BTC price will look like in the coming months.

4 hour BTC / USDT chart. Source: Twitter
According to the provided chart, Van de Poppe sees another possible drop in the $ 44,000 range, after which short-term consolidation will return to the current level, and the uptrend will continue.

Related: Analysts list 21 factors that could raise Bitcoin prices – but only 4 down signals

Emotional vibration does not change the underlying force
The latest piece of knowledge came from TechDev, a cryptocurrency analyst, who published the following table, detailing the macroeconomic view of BTC price action after each half cycle.

BTC values ​​in each half cycle. Source: Twitter
TechDev has identified two previous cases, with BTC going through a period of deep volatility, only to set a new record only after the next round of meetings.

TechDev said:

“Although there have been many mood swings in the last two weeks, bitcoins are in the same macroeconomic situation.”
Subsequent tweets and co

Source: CoinTelegraph

LEAVE A REPLY