Passing favorable wind? Bitcoin (BTC) is trying to win back the $ 50,000 once again. If there are any indicators that point to a lasting bullish recovery, bear skins should not be sold until they have been killed. The current rise seems to be mostly supported by retail investors, so the bulls could be out of breath after a few days.
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New historical high in sight for bitcoin: a bis repetita of September 2021?
Bitcoin rises again above $ 49,000 on Bitfinex today, December 16, 2021. The bulls were halted at around $ 49,460 on their climb to $ 50,000. The rejection even causes bitcoin to lose the $ 49,000. Bitcoin is trading at $ 48,139 at the time of writing, and is currently recording a daily loss of 1.15%.
Analyst Matthew Hyland shared a chart in his tweet yesterday, December 15, 2021, highlighting two indicators that could herald an imminent bullish recovery, repeating the scenario of late September 2021. The 10-day momentum broke resistance, just as in September 2021, as the 14-day RSI has yet to confirm a similar breakout, for the bullish pattern to be complete.
As a reminder, bitcoin hit a local low at the end of September 2021, before starting to rise to the current all-time high of $ 69,000. Hyland’s predictions are however to be taken with caution. The analyst is optimistic and predicted in November 2021 that the price of bitcoin would hit $ 250,000 in January 2022.
Small fish vs whales BTC: a possible recovery of $ 50,000 in the short term?
Ecoinometrics data sheds light on the current rise in bitcoin. The addresses holding less than 1 BTC started to accumulate bitcoinsunlike whales which have between 1,000 BTC and 10,000 BTC.
“Bitcoin is still stuck in a situation where little addresses are ready to stack sats, while whale addresses don’t really pile up.”
Ecoinometrics
Will the purchases of the small portfolios give enough strength to the bulls to win back the $ 50,000 sustainably, or should we expect further declines in the absence of support from the whales ?
The US Federal Reserve has given the bulls strength again, although it has announced an acceleration in the reduction of its monthly asset purchase program. Caution, however, calls for consideration of the possibility that bitcoin will once again experience a drop to $ 40,000- $ 42,000 before a real sustained bullish rally.
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