After the market sell-off on December 3 continued to cause ripples across the industry and Bitcoin, the broader cryptocurrency ecosystem was in a state of heightened fear on December 6 (Bitcoin) The price is still less than $50,000.
Data from Cointelegraph Markets Pro with Transaction view It shows that the bulls have managed to keep the BTC price above $49,000, but the overall outlook suggests that there are more days of consolidation on the horizon.
The following are analysts’ expectations for BTC prices in the coming weeks.
Strong support below $40,000
Market analyst and pseudonym Twitter user Rekt Capital provided insights into the weekly price movements of Bitcoin. He Post The chart below highlights the main areas of support and resistance that traders should pay attention to.
Rekt Capital said,
“BTC Weekly closed above the small red area where BTC previously rebounded. It is possible for BTC to lose this area, but no collapse was confirmed. Just below this area is the orange area, which is a strong demand area, which ended twice in February -25% correction and September.”
Short-term recovery to 52,000 USD
According to analyst and Twitter user Pentoshi, traders who hope to avoid price fluctuations in the next few days are best to stay on the sidelines and wait for the market to digest the latest correction. He released the chart below, indicating that BTC will have a short-term recovery. The price is 52,000 US dollars. .
Although analysts do believe there will be a recovery in the long term, Pentoshi warned that the market may fluctuate in the short term, and if traders remain patient, they may find a better entry point.
“I can see the short-term trading price of BTC rebounding to $52,000, but I think if you wait a few days a week, you will avoid a big drop. Buying is as low as $40,000. Don’t be trapped. There is no reason to proceed here. New long atm. Waiting for new deals to come to me.”
Expected to “cut” between US$42,000 and US$53,000
Scott Melker, an independent market analyst, provided one last insight. He posted the following tweet, listing the price levels that traders need to monitor closely.
My general opinion.
> 53K returns to the bullish situation again
<42K Let 28K come into play again
Now everything between these two numbers is oscillating, which will cause traders to panic.
If it reaches 53K, people will be very optimistic about 53K and bearish 42K.
-All wolf (@scottmelker) December 6, 2021
As can be seen from the above tweet, Melk identified the range between US$42,000 and US$53,000 as a volatility area that drives traders crazy, and breaking through this area is a positive signal for bulls. According to Melk, a price below $42,000 will indicate that bears have the upper hand in determining the price of BTC in the foreseeable future.
The overall cryptocurrency market value is now 2.285 trillion U.S. dollars, and Bitcoin’s dominance rate is 40.6%.
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