Friday, June 21, 2024

Although the price of bitcoin has dropped below $42,000, analysts still foresee a ‘one more impulse’ increase.

The large crypto market continued to experience ups and downs in prices on January 17 as Bitcoin dipped to $41,650. In the whole market, trading volumes stayed hushed while U.S. markets closed to observe the Martin Luther King Junior holiday.

Analysts predict the following outcomes from Bitcoin’s price drop and its price correction on January 18.

Big resistance at $43,120

This analysis was created by a crypto trader who operates a Twitter account under the pseudonym Rekt Capital. The user posted a chart that showed BTC was trading near a settled resistance and support zone. According to the Tweet, $43,120 is the new resistance level.

BTC’s four-year cycle is lengthening

Cointelegraph contributor and market analyst Michael von de Poppe examined long-term BTC trends. He posted charts that studied BTC’s 4 wave patterns ad noted Cap HODL waves. He suggested that BTC’s usual 4-year cycle is increasing. Von de Poppe noted that the current cycle is longer than the last one, which makes sense. Because of macroeconomic impacts, four-year cycles are no longer occurring. So everyone can expect this cycle to be longer and higher.

One upward impulse is expected.

The hope for an increase in the Bitcoin price cycle was posted by pseudonymous Tweeter Techdev. The user posted a chart with the analysis that corrections and impulses across cycles in bull markets founded on new trends. According to Techdev, Bitcoin is expected to show a green price breakout in this cycle before it returns to start the next one.

The current crypto market cap is $2.02 trillion, while Bitcoin dominates at 39.6%.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular