Obstacles and a wave – Bitcoin (BTC) is having another bearish day, but traders and analysts remain confident. This analyst not only rejects the scenarios of a fall to $30,000, but also the hypotheses supporting the idea of a bear market for bitcoin.
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Strongly another drop: the long-awaited break before a sustainable rise for bitcoin
The price of bitcoin drops to around $36,280 on Bitfinex today, February 3, 2022. Bitcoin is trading at $36,763 at the time of writing, and is currently recording a daily mini-loss of 0.53%.
As bitcoin retreats back into $36,000 territory, trader Rekt Capital pointed out in his tweet today, that “for now, this area of ~$38600 continues to figure as a resistance”. Bitcoin has indeed according to Rekt Capital, “produced an upward wick in resistance during its last recovery”.
This $38,600 has been a major hurdle for bitcoin since 2021, the bulls have run into it multiple times and had difficulties to break this resistance.
For other traders like the twitto ANBESSA, ” the lower the better for bitcoin. These traders are indeed expecting a larger bearish breakout before finally seeing a really solid and lasting bullish recovery.
Bitcoin in a Bear Market: That’s Wrong According to This Analyst and His Wave, and He’s ‘Tired of Hearing It’
Analyst Decodejar refuted bear market theories by posting a chart showing a “bearish flat expanding ABC 4 wave, ending below last year’s lows”. Although Decodejar believes it ” there is not much volume for a pulse ”, the analyst however predicts that bitcoin won’t break “last year’s floors”.
For Decodejar, “the correction is probably almost finished at these levels,” the market just “needs more time.” Decodejar does not see a bear market, however, but a market “ fully intact bull that is consolidating “.
$34,000 remains the level to watch at this point in case of another bearish breakout. The bulls still have more than three weeks to finally break the major resistance around $38,600, and to finally close a month in the green after three successive red monthly candlesticks.
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