Bitcoin (BTC) can spend “months” hovering between the recent lows of $ 42,000 and $ 53,000 and cause panic in the process, popular analysts warned on Dec. 6.
Discussing the BTC price outlook on Twitter, Scott Melker, known as the wolf of all the streets, said that the range behavior could last until 2022.
Bitcoin price bottoms could sink further
After failing to conquer even the 50,000 level after last week’s crash, the BTC / USD pair is generating bearish sentiment this week.
As sentiment settles deep into the “extreme fear” zone, Melker joined those staying away from the soaring short-term price predictions that were previously ubiquitous.
“My overall view.> 53,000 resumes bullish case again. He summed up.
“All that is between the two numbers now is a range cut that will lead traders to panic. People will be extremely bullish at the 53,000 level and bearish at 42,000 if either is reached.”
A later publication sets the time frame for such price action to unfold in “a few months.”
“December has a high probability of a limited range cutoff, the ideal time to take some time off the charts, do some thoughtful trades and recharge for the next year “, filbfilb, co-founder of the Decentrader trading platform, continuous.
His comments are correlated to those of popular traders Pentoshi, who caused a sensation on December 6 and acknowledged that Bitcoin could still fall to $ 30,000.
Wouldn’t be surprised if this happens for $ btc. It’s a real possibility. I would be prepared for it https://t.co/Qw4XggiDdV
– Pentoshi (@ Pentosh1) December 6, 2021
That would de facto place the BTC / USD pair at its starting position of 2021 and more than 50% below its all-time highs for the year.
“Trade at a decent discount”
Meanwhile, the Wall Street open on December 6 barely had an impact on Bitcoin, markets were comparatively stable as stocks saw a slight bullish move.
When the critics they aimed To Bitcoin’s alleged lack of ability to act as a store of value, advocates looked for clues as to whether the market was priced fairly after the selloff.
For analyst Willy Woo, the on-chain data says it all.
“We are currently operating at a decent discount.”revealed, highlighting the Bitcoin Supply Impact Valuation (SSV) metric.
SSV analyzes the last time that on-chain demand coincided with current levels, which implies that prices should be higher under current circumstances.
This model does a look back on previous times that #bitcoin had similar on-chain demand.
We’re currently trading at a decent discount.
It’s a model for investors, not traders who can easily be liquidated well before the model plays out. pic.twitter.com/w9byxBiX6M
– Willy Woo (@woonomic) December 6, 2021
Woo had indicated Earlier that the most recent drop was accompanied by small investors increasing their exposure to BTC.
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