After the bitcoin price wiped out $10,000 in one day from the $52,700 level, it regained $46,000 and the bulls are defending the area. Now, eyes are turned to the last months of 2021 for BTC and ETH. Some analysts think the April ATH will come after correcting to $40,000. However, there are those who accept the correction as normal and think that higher levels can be reached at the current prices. 5 crypto analysts share these levels…
Justin Bennett finds $40,000 correction makes sense
Crypto analyst and trader Justin Bennett says that a price level for Bitcoin could determine what happens to BTC for the rest of the year. The closely-followed strategist tells his followers that a correction in the $40,000 range for Bitcoin seems logical, and he thinks it can tell a lot once BTC reaches this level:
A pullback to the main $40,000 weekly level makes a lot of sense here. That doesn’t mean it will happen, but it’s a scenario to consider.
Looking at the weekly chart, Bennett suggests it could show a similar pattern to April, when Bitcoin formed a local top:
BTC also bottomed out with a week of gains in July.
After the drop, the analyst predicts that BTC will most likely bounce to a crucial price level where it can make a fateful decision for the remainder of 2021:
$39,300 is where I think we’re going. From there, it’s probably a jump to $48,000 – $49,000 to decide whether we’re going to do LL or LH… Then LL or LH will tell for the rest of the year whether it happens or not.
According to Justin Bennett, ETH needs these levels:
Looking at Ethereum (ETH), Bennett says a close above a key resistance area is needed to confirm this week’s sharp decline is just a bear trap. Before that happens, the analyst says the $3,300 area leaves ETH vulnerable to further corrections:
ETHUSDT needs to close above the $3,550 – $3,700 zone to confirm Tuesday’s sell-off as a false breakout/bear trap. Until then, the $3,330 support level is emerging with a close below the opening level of $2,900.
What did analysts say about Bitcoin?
cryptocoin.com Willy Woo, whose analysis we have reviewed, attributes the recent pullback in Bitcoin to a large Over-the-Counter (OTC) sale, denies selling by whales. Also, Bitcoin showed that it was able to find buyers at lower levels after the correction. Analysts claim that if new buyers add capital to Bitcoin, it could break the key resistance and set an all-time high in 2021. As new buyers line up on exchanges to buy the Bitcoin dip, analysts expect BTC price to retest the $55,000 level.
Bitcoin whales keep accumulating, BTC bullish
Willy Woo, a Bitcoin on-chain analyst, argues that contrary to popular belief, the recent correction in BTC was not triggered by large wallet investors selling their Bitcoins. Instead, whales are buying BTC significantly throughout the decline.
Historically, when major wallets boost their crypto and accumulate BTC, a price rally follows. According to Woo, a large Over-the-Counter (OTC) sale was split and dispersed to the spot markets, triggering a pullback that resulted in gradual liquidations. Now, analysts are expecting a potentially volatile period for Bitcoin as around 336,000 trader positions were liquid during Tuesday’s crash.
Alex Mashinsky shared his analysis
Alex Mashinsky, CEO of Celsius Network, is of the opinion that new buyers entering the market will break BTC’s $55,000 key resistance zone to create a new high in 2021. Mashinsky expects these levels from the long-term Bitcoin price:
I still maintain my predictions that we will reach the levels of 140,000 to 160,000 dollars. It could take us to the first quarter of next year due to this kind of sudden collapse and cleanup we see in Chinese miners. But it’s definitely getting higher.
Mysterious analyst expects long rally in 2021
According to Twitter analyst alias DaanCrypto, BTC is having a significant amount of time to watch. If Bitcoin holds its current price level, the analyst expects a long rally in 2021:
When the BTC Bull market support band (20W SMA & 21W EMA) is held as support, this usually results in a massive rally. Being down and rejecting often leads to more negativity. We’re holding it for now. An important level to watch.
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