Check out what analysts are saying about what to expect from BTC price in the coming weeks.
The lower $40k range is strong
Rekt Capital, a pseudonymous Twitter user who provides insight into the weekly price action for Bitcoin, posted the following chart highlighting the major support and resistance zones traders should monitor.
According to Rekt Capital,
“BTC Weekly closed above the small red area from which BTC has previously rebounded. BTC is threatening to lose this area but no confirmed breakdown. Just below this area is the orange region, a strong demand area which ended two -25% corrections in February and September.”
Recovery to $52,000 in the short term
According to analyst and pseudonymous Twitter user Pentoshi who posted the following chart, traders looking to avoid choppy price action should sit on the sidelines and wait for the market to digest this latest pullback.
While the analyst does see an eventual recovery in the longer term, Pentoshi warned that the market could be choppy in the short term and traders may find a better entry point if they remain patient.
“I can see BTC short-term trading back towards $52,000 but I think if you wait a few days/week you’ll avoid chop. Buy in low to mid $40,000s. Not get trapped. Don’t see a reason to take new longs here atm. Going to wait for a new trade to come to me.”
The “roller-coaster” will range from $42,000 to $53,000
Last but not least, independent market analyst Scott Melker offered the following tweet outlining the price levels traders need to closely monitor.
My general view.
>53K again resumes the bullish case
Everything between the 2 numbers now is ranging chop that will drive traders into a panic.
People will be extremely bullish at 53K and bearish at 42K, if either is reached.
— The Wolf Of All Streets (@scottmelker) December 6, 2021
As seen in the above tweet, Melker identified the range between $42,000 and $53,000 as the choppy zone that will drive traders nuts, while a breakout above that zone is a positive sign for bulls. According to Melker, prices below $42,000 will indicate that bears have the upper hand in dictating BTC price for the foreseeable future.
The overall cryptocurrency market cap now stands at $2.285 trillion and Bitcoin’s dominance rate is 40.6%.
This article expresses only the views of the original author and does not represent the views of StacksWall.com. Trading and investing involve risk, so you should always conduct your own research before making a decision.
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