Nth break – As the bears generally continue to control the markets on a daily basis, traders and analysts remain hopeful of an upcoming bitcoin (BTC) price explosion.
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Loss of $42,000 for bitcoin: the tremors before (finally) the last bullish impulse
Bitcoin drops to around $41,300 on Bitfinex today, January 18, 2022. Despite the rebound, bitcoin fails to retake the 42,000s. It is trading at $41,757 at the time of writing, and is currently in a daily loss of 1.10 %.
Bitcoin records its second bearish day this week, can we really still expect a strong bullish recovery? Analyst TechDev shared a chart yesterday, January 17, 2022, to show the relationship between bitcoin price rises and falls and the trend in terms of the number of new on-chain addresses.
TechDev always expects ” at least one more bullish impulse ahead before the start of a bear market.
Bitcoin Cycle and Short-Term Price: Duration Extension and More Tests Ahead
Trader Michaël van de Poppe looked at the long-term trend of bitcoin, analyzing the four-wave pattern of successive cycles, and the waves of HODl – which show the proportion of bitcoins moved over a period of time – weighted by realized capitalization – which is calculated based on the price of all BTC during their last on-chain transaction.
He came to the conclusion that bitcoin’s typical four-year cycle will get longer this time around. This cycle will thus be, according to him, “higher and longer what everyone expects”.
What about bitcoin price predictions in the short term? Michaël van de Poppe points out that the area around $41,300 is “important” for bitcoin.
He shared a graphic showing more tests to come levels above $41,220, before bitcoin resumed its upside and climbed back above $44,000.
The trend remains bearish for bitcoin, but the successive red daily candlesticks do not kill hopes of an upcoming explosive breakout in the price of bitcoin during this cycle.
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