Topic: Bitcoin prices fall below $ 42K, but analysts expect more 'persuasion' (Read 185 times)

Considering that there was an increase in the price of bitcoin today, it feels good even though the increase is only a few percent, but is this still considered a market trap sir?
I think bitcoin is looking for a position to get back up again.

Bitcoin seems to be going strong as this day, the price has a green candle for more so hopefully, the price will get more support to rise and back to $45k for this week. People who do not buy at the dip should not worry because the price will get correction again so you can use that to buy bitcoin but do not have a big expectation the price will go down below $40k. But you should remember that anything can happen to bitcoin so you need to have many strategies to anticipate the worst thing. You do not have to listen to the analysts or other people but do your own research so you do not regret it later.

You should change the situation now because the price from your thread Falling ? now it increases to 42k and even 44k now lol.

this proves  one thing? that cryptocurrency are here to go up and go down lol.

the more we get deeper on this is the more we get the chance increasing our financial investment.

if we manage to buy when there is a Lowering then we can take our profit whent he price starts growing .

It's ok if you didn't buy in dip, you have your own reasoning although if you did you could have made profits already. But bear in mind that you are not the only one who didn't buy so don't kick your self here. As for the this rally yeah, seems to be bullish to me, no dip that will allow us to buy but the price keeps on going up. And we have seen this kind of trend specially last October-November wherein we have a good price increasing going as high as reaching a new all time high. I'm not saying that we will reach a new all time high now, but this is an indication that the next stop will be $50k.

The chart of OP is correct and in play last few weeks because the price indeed below 42K level when the time he write this technical analysis thread. Even the support area he is expecting for a bounce really occur which is the are near 30K level. He is thinking worst case scenario which is good when trading crypto because you can buy on much lower with a small risk to for the price to dip further below the buying price. I'm skeptical too during that time that Bitcoin will dip below 40K but luckily I didn't bought on that area and waited patiently for 30K+ level.

If we are in a true strong bull market then an indicator usually is that it rarely dips enough for many to enter. Usually bitcoins stronger rallies provided little to no dips.

This rally is a perfect example, it didn’t retrace enough for many people to enter, only way to get in was to chase the price pretty much.

So keep that in mind, sometimes you just need to enter and set a tight stop instead of waiting for a dip that will never arrive.

I think Bitcoin bottomed at 32000$ and the reversal started confirming the close this week above $42,000, the market lost 50B$ last two weeks and the market cap reached 1.5T$
We are now watching the return of liquidity and the number is now close to 2T$, skipping this number is important for the return of the bullish trend to the market, despite that, no one can accurately predict the next situation of the market, there is a clear difference in opinions. Some analysts expect the market to be bullish and Bitcoin cross 50k$ and others Expected to go back to under 30K$, let's wait and see.

I am also wary. I am still not taking down my psychological defenses. What is happening right now is good. Everybody should be happy about this, except perhaps those who are only planning to buy Bitcoin without any action. But the problem with a bear cycle is that it somehow conditions the minds of people. A rally could oftentimes be interpreted as a bear trap or a temporary respite before another price fall happens. But with the double digit increase of Bitcoin for the past few days, I am more optimistic that this is already it.

people are getting cautious now with their investments. because we have seen the up and down movement so many times, we are now careful on what to do with our funds. this is also good as newbies in this market will not expect too much and spread fud if their expectations are not met.
people are learning how the btc market behaves, in such a way, that they are more informed now. the more educated the community is, the better for the market as people will not easily be deceived by false alarms.

End of Jan saw the Dollar peak in its index value relative to other currencies.   We are weaker since then and no new bearish news has occured to especially increase Dollar value vs all other assets.   I think this matches the movement in BTC to a relief rally of fairly large proportions.   Be optimistic for now until once again we are proven towards a pattern downwards.   We've crossed 50 day average and appear to be ready to close above that, next reasonable target is the 50 week average and/or 200 day.
  Be more cautious if we appear to print 44.5k as a ceiling, it might take a while to move further upwards but overall this is far more positive action then we've seen prior.

I would guess that people are always a bit wary of what the price could do. Since we had a period where bitcoin actually ended up dropping a lot, now people are careful even when it is going up. I understand it, in the end there is nothing that keeps it at this level, obviously we could end up with something decent but just because it looks like that, doesn't mean that people should not be careful against a big possible problem.

I feel like the results will be alright, we just need to feel like we could feel safe in our investment enough before we could invest. Make sure it has stop loss or anything like that, for example at 40k, so that you do not get lose a lot while waiting for higher prices.

There could be some exchanges that hits $43k already. But for now as per prep, it's $42,850 so it's really that close. And yeah, when we broke the $40k barrier and has some push, then we could be on another set of FOMO that could push the price to $45.

So exciting times ahead, it is going to be interesting if this sort of 'mini' bull run will be sustainable at least for this month, if it is then maybe at $50k price could be unlock again.

I was expecting that you end your post with optimism, the way you started it. It came as a surprise that you ended it with a warning. But I would want to disagree. It seems the FOMO wave is happening. The breaking of the $40,000 was a huge step for the price to have reached a certain solid platform for more upward movement. It helped a lot that $40,000 was quickly surpassed and the price went on to $41,000 and to $42,000 rather fast. And it even looks like $43,000 is about to happen any minute from now.

Although there's a chance for that to happen but the current growth is much stable compare last few days. Maybe we can see know a good market reaction and all of fuds are now eliminated. But lets not forget the fact that this might be a trap so better  be more cautious on what we are doing in the market and always pay attention if we want to take position on this current condition.

Maybe it's true what you said that this is a temporary bitcoin price recovery, so yesterday the bitcoin price reversed only temporarily.
But for the price of bitcoin to go down again at $30k I don't think it's possible sir it might end up around $35k.
Although now we predict bitcoin will go down again, we also hope that bitcoin gives a good signal for all of us so that investors are not afraid anymore.

Bitcoin is back at 42K USD,baby! Not that I expect another bull run,but seeing the price doing up again is kinda exciting.
Nobody can convince me that the amount of "New BTC Addresses" has a direct correlation to the BTC price and can be used as a bullish signal.The increasing amount of new BTC addresses means simply that there's a FOMO wave and the BTC price is growing.The quantity of new BTC addresses follows the price,not the other way around.
I kinda agree that the current price recovery might be temporary and another price drop will follow.
We must be ready for a 30K Bitcoin price in the upcoming weeks.

We have different strategies wherein how to read the market chart by doing technical analysis so don't be surprised why there are some analyst that have different views and prediction about the future of the market. Let's just stick which for us is more informative..

The broader cryptocurrency market is set to see sideways price action, with Bitcoin hitting 17 41,650 at noon on January 17. Across the market, trading volumes remain low and U.S. The financial markets were closed, according to Martin Luther King Jr.

BTC/USDT 1 day chart. Source: TradingView
Here is what analysts say about the price action of Bitcoin and how today's correction could affect the market structure of BTC

Resistance at $ 43,120
Crypto trader and pseudonymous Twitter user 'Rect Capital' provides weekly Bitcoin price action analysis who posted the following chart showing that BTC is trading near a well-established support and resistance zone.

BTC/USDT 1 week chart. Source: Twitter.

Rekt capital said,
"The new BTC Weekly Close shows that the black - $ 43,120 level is being portrayed as a new resistance. Technically, BTC is in the upper region of its current $ 38000- $ 43,100 range."

Bitcoin's 4-year cycle is starting to lengthen
The long-term trend of Bitcoin has been discussed by market analyst and Cointelegraph contributor Michael van de Pope, who posted the following charts looking at Bitcoin's 4-wave pattern and implemented cap HODL wave. According to analysts, the typical 4-year cycle for BTC is likely to be prolonged.

Bitcoin 4-wave pattern and realized cap HODL waves. Source: Twitter

van de Poppe said,
"Honestly, it would make a lot of sense. This cycle is longer than the previous one. The 4-year cycles aren't happening anymore due to macroeconomic impacts. Therefore, this cycle will be higher & longer than everyone expects."

Related: Bitcoin stays in tight range as analyst eyes potential 'interesting week' in BTC
"At least one more upward impulse"
A tweet from cryptdev analyst and pseudonymous Twitter user Techdev echoed the sentiment of the expanding bitcoin price cycle, posting the following chart, providing an analysis of the impact and correction on the bull market based on the chain's new address trends.

Number of new Bitcoin addresses and impulse waves. Source: Twitter

Compared to the previous Impulse Wave described by TechDev, Bitcoin is still responsible for a green shaded price breakout in the current cycle before it is reset and the next one starts.

Techdev said,
"At least one more upward impulse to come in my opinion before an impulsive downtrend (bear market) begins."

The overall cryptocurrency market cap now stands at $ 2.02 trillion and Bitcoin's dominance rate is 39.6%.

The opinions and opinions expressed herein do not necessarily reflect the views of the author and not necessarily marketplace. Every investment and trading step involves risk, so you should do your own research when making a decision.