- Bitcoin price once again meant 14 free falls because it has dropped down to $41600. Even in this scary scenario, the analysts hold their hopes.
- The trading volume is subdued among the market, and the United States financial markets were closed in observance of the holiday of Martin Luther King junior.
- The data of Rekt capital says that the weekly close of BTC price has come down to $43150. But the good news is that the price is still at the upper level of the current low range.
Bitcoin price once again meant 14 free falls because it has dropped down to $41600. Even in this scary scenario, the analysts hold their hopes for one single upward impulsive move. The cryptocurrency market was widely seeing sideways price action, as noticed on January 17th. In that scenario, Bitcoin was experiencing a dip of $41650. The trading volume is subdued among the market, and the United States financial markets were closed in observance of the holiday of Martin Luther King junior. Many analysts are talking about the price action of Bitcoin and the impact that it is going to have according to the market structure.
The data of Rekt capital says that the weekly close of Bitcoin price has come down to $43150. But the good news is that the price is still at the upper level of the current low range. The four-year cycle of Bitcoin is starting to gain length.
Check out the long-term trend for Bitcoin, and you can see the market analysts posting various charts recording the patterns on four waves. The Cointelegraph contributor named Michael Van de Poppe started analyzing the graphs and said that there is a high possibility that the waves can lengthen over time.
Ek cells when the cycle is longer than the previously recorded cycles. 4 different Bitcoin cycles in a single year will not make sense because there are macroeconomic impacts. Therefore, the higher and longer the cycle is, the better it will be to stabilize the economy.
Impulse move needed from bitcoin at least once.
Experts are saying that there is a need for one more impulsive move, and it has been specifically treated by the pseudonymous user Techdev. He also posted a chart providing analysis of the corrections and impulses required over the cycles and the Bull markets on the trends-on-chain new address. Compared to the impulse waves that happened before, Bitcoin is still due for another price Breakout, so there is a fair chance that the price will rise high soon. Techdev mentions that one more upward impulse move will help bring up the price rise, and the overall cryptocurrency market cap is now standing at 2.02 trillion dollars. Still, Bitcoin has a great dominance rate of 39.6 %.
Bitcoin is in the tight range because the analysts are checking out an interesting week of potential in BTC in some other news. Bitcoin might not stay in the same range for a long time because the experts check out a high potential for change. It is also a mark that the market could be stabilizing soon enough. The information from Cointelegraph markets Pro and the trading vie haves declared that BTC USD is staying at a stable state with the trading range of $40,000 to 45000 dollars. There are very few surprises expected, and traders are looking towards the opportunity to focus on altcoins.
There are a lot of sarcastic comments on Twitter regarding the Bitcoin crash, which are hell-bent on proving that the market is all set to be stable for the cryptocurrency giant. According to the popular analyst William Clemente, it should be an interesting week. Bitcoin is also bouncing on an ascending trend throughout this month and will be a turning point for the wedge construction. Some days the leverage of Bitcoin remains at an all-time high price, which means that there will be a massive volatile scenario, according to Vince Prince. Fine, but altcoins are stabilizing the market, and the cryptocurrency economy will have a proper ecosystem in which it can thrive.