Uncertainty – Bitcoin (BTC) is once again coming back to levels near $ 50,000, but markets shouldn’t get carried away until confirmation. Caution remains in order, especially in the face of some overly optimistic forecasts.
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Rise in bitcoin: waiting for $ 49,000 and more to confirm the trial
Bitcoin soars above $ 49,350 on Bitfinex today, December 21, 2021. It is trading at $ 48,615 at the time of writing, and is recording a 4.28% daily gain.
For the Rekt Capital trader, bitcoin must transform the area around $ 48,700 – $ 49,000 in support to confirm the increase. The other scenario which would also lead to the same conclusion, would be a new test of the black diagonal in the chart below, with a drop to $ 47,000 – $ 47,500 in the coming days. This decline would then be followed by a rebound which will result in a transformation of the $ 48,700 – $ 49,000 area into support.
Blockware analyst Will Clemente showed in a graph shared in his tweet today that bitcoin ” tries to get out of this local downward trend Which began on December 7, 2021.
Bitcoin price multiplied by six in a few months: the comparison too many?
Today’s controversial forecast returns to analyst TechDev. The latter shared a chart highlighting the similarities between the fluctuations in the price of bitcoin, the RSI (14), and the MACD (12,26,9) from the end of 2020 until today, with those from the end of March 2020 to September 2020. Bitcoin was then trading around $ 10,500 during this month of September 2020, before subsequently starting a strong ascent allowing its price to reach $ 60,000 at the start of 2021. Can we? reasonably expect to see the next bullish rally in the coming weeks, in a month ?
The twitto tedtalksmarcro questioned TechDev asking him if he surrendered ” account for the significant difference in the macro environment between now and last year! “. Trader Michael van de Poppe calls this prediction absolutely ” ludicrous “. The twitto JVCHAF evokes the risk of not seeing in the data what we want to see there:
“If you are looking for a bull case, you will find it. If you are looking for a bear case, you will find it. Your best bet is to take what the market gives you, without expectations. “
The eyes of traders therefore remain riveted on the $ 49,000, the flip of which would partially confirm a bullish recovery. Are we going to witness a short squeeze in the coming days, which would allow bitcoin to finally return permanently above $ 50,000 and reduce the monthly loss for this month of December 2021, if it cannot be closed in the green ?
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