According to the analyst, the price of Bitcoin can drive people crazy for months with a price ceiling of $ 53 thousand. Popular analysts say that Bitcoin (BTC) could spend “months” between $42,000 and $53,000, causing panic. Details cryptocoin.com‘in.
Bitcoin price ‘may go crazy’
Scott Melker, known as Wolf of All Streets, said that BTC’s changing behavior could last until 2022. After failing to reclaim even $50,000 after last week’s crash, BTC/USD is trending bearish this week. While sentiment lies deep in the “extreme fear” zone, Melker joined in on the move away from the previously ubiquitous very high short-term price predictions. Melker: “Everything between the two numbers at the moment is a shifting dip that has panicked traders. “People will be extremely bullish at 53K and bearish at 42K if any of them are reached,” he said.
“December is an ideal time to step away from the charts a bit, make a few well thought-out trades and recharge for next year,” said filbfilb, co-founder of trading platform Decentrader. These comments mimic those of popular trader Pentoshi, who admitted on December 6 that Bitcoin could still drop to $30,000.
This will effectively bring BTC/USD back to its 2021 starting position, resulting in a more than 50% drop from yearly all-time highs. While critics have targeted the claim that Bitcoin has no ability to act as a store of value, proponents have sought clues as to whether the market is highly valuable after the sale. For analyst Willy Woo, on-chain data said it all. “We are currently trading at a reasonable discount,” the analyst said, highlighting the Bitcoin Supply Shock Valuation (SSV) metric. SSV looks at the last time demand on the chain matched current levels, which means prices should have been higher under current conditions.
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