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%.