In what’s been the worst month for Bitcoin in 2018, a few analysts have predicted that BTC will soon hit $39,650. Bulls and bears debate whether this is the bottom or not as it would mean almost 60% of its peak value from 2017. Experts also discuss how to decide which exchange trade volume data sets are most accurate (and thus should be used when predicting future price movements).
The “bitcoin death cross 2021 chart” is a chart that shows the price of bitcoin has been on a decline. Bitcoin bulls and bears debate the future of BTC price.
In the U.S. trading session, Bitcoin price spiked beyond $43,100, but traders remain cautious on Jan. 11, with bulls and bears divided on whether this week’s plunge to $39,650 was BTC’s bottom.
As the global financial markets absorbed U.S. Federal Reserve Chair Jerome Powell’s pronouncements on anticipated fiscal policy changes, the price of Bitcoin (BTC) has traded closely around the $42,000 level, according to data from Cointelegraph Markets Pro and TradingView.
1 day chart of BTC/USDT. TradingView is the source of this information.
Powell said that if inflation remains high, the central bank is willing to “increase interest rates more over time,” but experts were quick to point out that Powell also stated that a low-interest environment might last for a long time.
It’s likely that traders took these remarks favourably, and although it’s impossible to link Powell’s words to specific price moves, BTC did manage a rapid climb over $43,000.
Powell said, ”
“It’s past time for us to transition from emergency pandemic mode to a more regular state.” From here, it’s a long way back to normal.”
Here’s a look at the continuing discussion over whether the cryptocurrency market is poised to rise in the coming days.
The bottom has been called by bulls.
The cryptocurrency market is well-known for its volatility and history of large drawdowns once new all-time highs are reached, as noted by Twitter user ‘ChrisBTCbull.’
The fraction of cryptocurrencies that have lost value from their highs in 2021. Twitter is the source of this information.
BTC has lost about 40% of its value, while Dogecoin (DOGE) has lost 79 percent of its value since its highs, yet optimistic experts believe the market has struck a bottom.
Bitcoin is “entering the Buy Zone on Dormancy Flow,” according to crypto expert and Twitter user Will Clemente III, as seen in the following Bitcoin entity adjusted dormancy flow chart, which “basically compares price to spending behavior.”
Dormancy flow modified for Bitcoin entities. Twitter is the source of this information.
According to Clemente,
“In Bitcoin’s history, this bottoming indication has only occurred 5 times.”
Bitcoin price soars to $43,000, but traders warn that altcoins are in for “serious suffering.”
A Death Cross looms in the distance.
Despite today’s $43,100 high, many experts remain gloomy about Bitcoin’s short-term prospects, warning that a probable “death cross” on the daily chart has traditionally been a powerful negative indication.
The 50-day moving average for is dangerously near to going below the 200-day moving average, as illustrated below, a convergence that has historically resulted in steep price drops.
1 day chart of BTC/USD. Twitter is the source of this information.
According to the Bitcoin Archive,
“Bitcoin is on the verge of crossing the “Death Cross.” The previous time this occurred was in June, when the price decreased by 20% in only 31 days. If this happens again, we’ll be down to $34K by February 9th.”
In the altcoin market, analyst and pseudonymous Twitter user ‘Pentoshi’ responded to recent price weakening in the USD and BTC pairings with the following message, predicting a more negative performance in the short future for alts.
I’m a big bear on alts. The folks responding to me with their alts, which are in downtrends on both the USD/BTC pairings, are the most amusing part. The bounces are designed to induce you to pursue into your lower highs.
Btc is still in a downturn, in my opinion. Because it is. As a result, LH anticipated
— January 11, 2022, Pentoshi DM’S ARE SCAMS (@Pentosh1)
For the time being, traders are satisfied to wait and watch whether the crypto market reverses direction or remains range-bound for the time being.
The total cryptocurrency market capitalization is currently $1.998 trillion, with Bitcoin commanding 40.3 percent of the market.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
The “btc accumulation” is a debate that has been going on for the past few weeks. The bulls and bears are arguing about what the bottom price of bitcoin will be.
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