With or without fear? The markets are entitled to two theories which have in common the hopes of a recovery from $50,000 and above. One, however, prefers to predict further declines before this long-awaited reconquest, the other argues that the bulls now have enough strength to allow bitcoin (BTC) to directly achieve this objective.
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Bitcoin in the $44,000-$45,000 Zone: Traders’ Fears
Bitcoin price drops to around $43,160 on Bitfinex today, February 9, 2022, before rising back above $44,000. Bitcoin trades at $44,761 at the time of writing, and is currently seeing a daily gain of 1.03%.
Some traders’ questions relate to the extent of potential corrections as long as the bitcoin price is around $44,000. The Credible Crypto trader who talks about the possibility of a pullback, believes that a drop towards $38,000-$40,000 would be “healthy”.
It would then target “a new ATH” if this move is followed by a reconquest of $50,000-plus and “a recovery of our monthly resistance”.
A much more optimistic view of bitcoin: bullish, nothing but bullish
Does Bitcoin really need to fall back to around $40,000 before it can regain $50,000? Other traders believe that this decline, which moreover corresponds to a scenario trying to combine caution and a bullish outlook, it’s not mandatory.
The even more optimistic theory holds that short sellers are eliminatedthe selling pressure on the markets to recover liquidity should therefore decrease.
To support this theory, the trader known under the handle Crypto5max on Twitter indicates, that “the market had a complete and healthy resetwhile maintaining a bullish structure on the broad time horizons”.
Analyst Matthew Hyland points to another fact that gives reason for optimism that bitcoin’s current bull run will continue:
“#Bitcoin’s 3-day MACD has had a BULLISH crossover confirmed! !! »
Bitcoin’s Moving Average Convergence/Divergence (MACD) is one of the key indicators of bitcoin’s bullish phases in 2021 and previous years. In view of this indicator, bitcoin would therefore have known a bullish reversal for a few days, and the current rise would then be strong enough to hope for a reconquest of other important levels.
So the red zone will ultimately not make the bulls tremble? This week’s weekly close will already make it possible to assess the solidity or not of the current rise and to decide on the theory which is closer to the reality of the markets.
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