By the end of the year, bullish traders who drank “Bitcoin to $100,000” Kool-Aid are now beginning to accept the fact that there may not be a Santa Claus rally over in 2021. At present, the daydream has become a simple hope that the top cryptocurrency can exceed $50,000 in at least a year.
Data from Cointelegraph Markets Pro and Transaction view show Bitcoin price rebounded after comments Fed Chairman Jerome Powell’s speech has almost disappeared. In the past 48 hours, prices have hit a new low of $45,500. On the surface, prices may fall further.
Below are traders’ views on Bitcoin’s current price movements and what might happen in the rest of 2021.
Bitcoin’s consolidation reflects the price movement in May
Alias ??Twitter analyst, “Rekt Capital”, Comparison of The current price trend for consolidation from May to July.
Rekt Captial said,
“BTC is still consolidating within these two key bull market EMAs. Just like May 2021 (yellow circles).”
If a similar pattern occurs, the price of BTC may continue to consolidate and continue to fall for 6 to 8 weeks before resuming its upward trend.
$44,000 may be the “bottom”
Cointelegraph writer Michaël van de Poppe predicted a similar situation. He Post The figure below outlines a rough sketch of how the BTC price trend will unfold in the coming months.
According to the chart provided, van de Poppe believes that it is possible to retreat to the $44,000 range again, then return to the current level during a brief period of consolidation, and then resume the upward trend.
Emotional fluctuations will not change the underlying force
The last point of insight comes from the cryptocurrency analyst “TechDev”, who Post The figure below details a more macro view of the BTC price trend after each halving cycle.
TechDev identified the two previous examples, in which the BTC price experienced a period of severe fluctuations, followed by a late rebound and a breakthrough peak, setting a record high.
“Despite the many swings in sentiment in the past two weeks, Bitcoin is in the same macro situation.”
Follow-up tweets and responses indicate that in the long run, TechDev’s outlook for BTC is generally bullish. statement “Everyone is paying attention to the level of retracement.”
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.