Bearish extension – Can the markets at least hope for an attempt to win back the $ 50,000 by the end of 2021? The forecast for bitcoin (BTC) is now more pessimistic, looking instead for possible lows, and for the moment no credible scenario of a bullish recovery in the coming days.
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Bull trap and floor yet to come: pessimistic forecasts from Peter Brandt
Bitcoin drops to $ 46,655 on Bitfinex today, December 29, 2021. It is trading at $ 47,616 at the time of writing, and is currently recording a daily loss of 0.19%.
Where is the floor price of bitcoin after the big red candlestick yesterday, December 28, 2021? Trader Peter Brandt believes that bitcoin has not yet bottomed out currently. On December 20, 2021, bitcoin made a foray into $ 42,000. Brandt then indicated that bitcoin had not yet bottomed, in view of the absence of liquidations with a high sales volume.
While bitcoin has been up 14% since that warning from Brandt, the lack of buying pressure caused bitcoin to reject the $ 52,000 resistance line. The bullish recovery was then transformed into a bull trap.
Return likely to $ 44,000, the $ 60,000 to restart the bullish rally
Analyst Don Alt shared a chart in his tweet yesterday, where he indicates that bitcoin is in a ” fairly clear downtrend “. Until bitcoin breaks the $ 52,000, Don Alt is instead focusing on “deep wicks.” The bullish rally is not back according to him that after a break of $ 60,000.
For trader Rekt Capital, the current scenario looks like that of May 2021. Bitcoin was then consolidating in the area delimited by the 50 and 21 week moving averages. Rekt Capital recalls that “historically, BTC has made bearish wicks in the orange zone during this red retest,” referring to the chart below, and that bitcoin has “therefore room for another visit to the orange ”. Bitcoin could, according to him go down again to $ 44,000.
Bitcoiners, who are still waiting for a last bullish rally before a bear market, will now focus on troughs to buy bitcoins at lower prices. Bitcoin will not only not be at its $ 100,000 meeting, but it will also most likely miss the $ 57,000 meeting that would have at least allowed it to close this last month of the year 2021 in the green.
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