As Bitcoin price continues to fluctuate in the $56,000 region, analysts are discussing various bull and bear scenarios for Bitcoin’s short-term price action. We take a look at what needs to be considered in the coming days.
Pay attention to monthly closing
cryptocoin.com Price action for BTC is “promising” so far and is “really close to reclaiming this monthly level as support (green),” according to Rekt Captial, whose analysis we shared as warns.
David Davichitz: I don’t think BTC will reach $100,000 in December
ExoAlpha’s executive partner and investor David Davichitz shares his concerns that most investors who buy Bitcoin at 100x cheaper “will probably cash them out at any price”:
This will likely hit the market pretty hard once news of effective distribution breaks out.
For now, Lifchitz thinks the sell-off “seems to end at the $57,000 to $58,000 support level” and is “prepared to reach $63,000 and above again in the next few days.”
But according to Lifchitz, Mt. After the Gox BTC launch, caution is required due to the threat of a future sell-off. Here are the reasons:
However, this Mt.Gox is a Damocles sword above the market’s head, and with this threat hanging, I don’t see BTC hitting $100,000 next month. The whales are holding on tight, but they haven’t bought any more. I think they are aware of the upcoming drama of Mt. Now that the Mt.Gox barrier is cleared, Bitcoin will have a clear path to reach new highs and thwart some crazy regulations that could spoil the party.
Bitcoin price is currently bottoming out according to historical data
Posting the charts below comparing the 2017 price action for Bitcoin with the current market, TechDev says the current correction is “tracked from mid-November 2017 to a near-perfect point” and “just a small difference”, “a breakout of the 50-day simple moving average (SMA)” said. TechDev adds that the current levels are bottom prices:
We may not have hit bottom, but it’s close. Everything I’ve seen suggests that the next 5-15 weeks are most likely to be big.
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