Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022

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Bullish merchants that drank the “Bitcoin to $100,000 by year-end” Kool-Support at the moment are coming to phrases with the truth that there could also be no Santa Claus rally to wrap up 2021. In the intervening time, the pipe dream has morphed into easy hopes that the highest cryptocurrency can a minimum of end the 12 months above $50,000. 

Information from Cointelegraph Markets Pro and TradingView reveals that the bounce in price seen in BTC following remarks from Federal Reserve Chair Jerome Powell has just about evaporated and over the previous 48-hours the worth has swept recent lows at $45,500 and from the look of issues, the worth might drop even additional.

Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022
BTC/USDT 4-hour chart. Supply: TradingView

Right here’s a take a look at what merchants take into consideration Bitcoin’s present worth motion and what may very well be in retailer for the rest of 2021.

Bitcoin’s consolidation mirrors Could’s worth motion

Pseudonymous Twitter analyst, ‘Rekt Capital’, compared the present worth motion to the consolidation seen in Could by way of July.

Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022
BTC/USD 1-week chart. Supply: Twitter

Rekt Captial stated,

“BTC continues to be consolidating inside these two key bull market EMAs. Similar to in Could 2021 (yellow circle).”

If an analogous sample had been to play out, the worth of BTC might proceed to consolidate and drift decrease for one more 6 to eight weeks earlier than resuming its uptrend.

$44,000 may very well be the “backside”

An analogous state of affairs was forecast by Cointelegraph contributor Michaël van de Poppe, who posted the next chart outlining a tough sketch of how BTC worth motion might unfold over the following couple of months.

Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022
BTC/USDT 4-hour chart. Supply: Twitter

Primarily based on the chart offered, van de Poppe sees the opportunity of one other drawdown to the $44,000 vary which shall be adopted by a return to the present ranges for a short consolidation interval after which a resumption of the uptrend.

Associated: Analyst lists 21 factors calling for Bitcoin price upside — But just 4 bearish signals

Swings in sentiment don’t change the underlying power

A ultimate little bit of perception got here from cryptocurrency analyst ‘TechDev’, who posted the next chart detailing a extra macro view of BTC’s worth motion after every halving cycle.

Traders delay $100K Bitcoin prediction, but still expect a blow-off top in 2022
BTC worth throughout every halving cycle. Supply: Twitter

TechDev recognized two earlier situations the place BTC worth noticed intense durations of volatility solely to be adopted by a late stage rally and blow-off high state of affairs to a brand new all-time excessive.

TechDev stated,

“Regardless of a number of swings in sentiment over the past 2 weeks, Bitcoin is in the identical macro place.”

Observe-up tweets and responses pointed to a typically bullish outlook for BTC in the long run for TechDev, who stated that “all eyes on the retracement ranges.”

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.