Hopes and fears – The markets have seen an event that can herald good days for both bulls and bears. According to historical data, the next three months will be decisive for bitcoin (BTC).
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Head over $ 43,000 for bitcoin: $ 46,000 in sight
Bitcoin Breaks Above $ 43,110 on Bitfinex today, January 11, 2022. Bitcoin is trading at $ 42,765 at the time of writing, and is currently recording a daily gain of 2.41%.
The outlook is already more optimistic, just 24 hours after bitcoin momentarily lost the $ 40,000. Trader Michaël van de Poppe thus invites “to look upwards” by supposing that “the zone around 42K $ is maintained”.
The interested party estimates that “above $ 43K” bitcoin could “Accelerate towards” the $ 46,000, “Because there is not much in between for Bitcoin”.
A death cross for bitcoin: two-way forecasts
Bloomberg article from Jan.11, 2022 focuses on interpretation of an impending death cross event for bitcoin, which Quantum Economics founder Mati Greenspan says is expected to happen later this week. A death cross refers to the passage of an asset’s 50-day moving average below the 200-day average.
A death cross she announces necessarily a bear market for bitcoin? Markets saw a death cross in June 2021 days before bitcoin hit the local bottom at around $ 28,500. Bitcoin finally started to rise again in August 2021, and a golden cross appeared in mid-September 2021. A golden cross refers to the passage of an asset’s 50-day moving average above the 200-day one.
For Greenspan, the death crosses for or the previous golden crosses for bitcoin “turned out to be good buying opportunities “. Juthica Chou, head of OTC options trading at Kraken, points out that the “fundamentals are still very strong” for bitcoin.
The 2018 death cross, however, was followed by a downward correction of over 55%. The golden cross only happened after more than a year. The bear market of 2014 – 2015 also saw a similar scenario occur.
Historical data shows that bitcoin generally registers large losses if the death cross is not followed. a bullish recovery within three months.
The price of bitcoin remains fickle for the moment, giving hopes of a rise today, followed by a slap of the bears the next day.
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