When is the 6-digit breakout? – Bitcoin (BTC) has not finished playing on the nerves of the short-term traders. A symbolic level has once again given way, and a drop to $ 44,000, with an incursion into $ 42,000, is not to be ruled out.
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Evergrande default, bitcoin under $ 50,000
Bitcoin Loses $ 50,000, Falls Below $ 48,000 on Bitfinex today, December 9, 2021. It is trading at $ 47,636 at the time of writing, and is currently recording a 6.17% daily loss.
The drop below $ 50,000 comes the day the rating agency Fitch announces that the Chinese real estate giant Evergrande made a “default” of payment. The group was to reimburse $ 82.5 million, the grace period ended on December 7, 2021. Analysts, however, remain cautious before deciding on the extent of the impact of this event on the price of bitcoin.
Trader Rekt Capital recalls that bitcoin must remain above $ 48,450 to avoid a fall until the next support area at the $ 44,000 – $ 46,000 level. This zone “put an end to two corrections of -25% in February and September”.
Impulse towards $ 250,000 and more: this trader still believes in it
Analyst TechDev prefers to observe the price of bitcoin over longer time scales. He underlines in particular in a graphic bitcoin’s uptrend since late 2018. Bitcoin is trading according to TechDev, “in a range since January”. The price of bitcoin has fluctuated between levels just below $ 29,000 and nearly $ 70,000 from early 2021 until today.
TechDev believes that bitcoin “will eventually break, and I think it will be on the rise.” Trader Michael van de Poppe who reacted to this post indicated that “ this break is the next push towards $ 250-350K ».
Traders and analysts are still not ruling out the possibility of a 6-digit bitcoin, although the $ 100,000 is likely for 2022, not this end of the year.
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