Bitcoin may be “crazed” for months with a BTC price cap of $53,000-Analyst

Bitcoin (BitcoinOn December 6, popular analysts warned that it might take “a few months”, ranging from the most recent $42,000 to $53,000, and cause panic in the process.

When discussing the BTC price outlook on Twitter, Scott Melker, known as the “wolf on the street,” said that this kind of ranging behavior may continue until 2022.

Bitcoin price bottom may be deeper

After failing to even recover $50,000 after the crash last week, BTC/USD is triggering bearish sentiment this week.

With emotions in the depths of the “extreme fear” zone, Melk joined those who avoided the ubiquitous short-term price forecasts.

“My overall view.> 53K returns to the bullish situation again. Summary.

“Everything between these two numbers is now oscillating, which will cause traders to panic. If one of them is reached, people will be very bullish on 53K and bearish on 42K.”

Another article sets the time frame for this kind of price action as “a few months.”

Filbfilb, the co-founder of the trading platform Decentrader, “It is very likely that there will be a range shock in December. This is the ideal time to take some time from the chart, conduct some thoughtful transactions, and charge for next year”, continue.

Their comments mimic those of other popular trader Pentoshi, who made waves on December 6 while acknowledging that Bitcoin could still fall to $30,000.

This will make BTC/USD In fact Back to the beginning of 2021, it is down more than 50% from this year’s historical high.

“Deal at a good discount”

At the same time, the opening of Wall Street on December 6 had almost no impact on Bitcoin. As the stock market rose slightly, the market remained relatively stable.

related: BTC sentiment “comparable to a funeral”-5 things worth paying attention to in Bitcoin this week

As a critic take In response to Bitcoin’s alleged lack of capacity as a store of value, supporters look for clues about whether the market valuation is reasonable after the sell-off.

For analyst Willy Woo, the data on the chain speaks for itself.

“We are currently trading at a good discount,” he revealed, emphasizing the Bitcoin Supply Shock Valuation (SSV) indicator.

SSV watching The last time the on-chain demand matches the current level, Which means that the price should be higher under the current circumstances.

Woo before famous The recent decline has been accompanied by small-scale investors increasing their BTC exposure.