Bitcoin price falls below $42k – The broader market for cryptocurrencies has continued to have changing dynamics. On January 17, the BTC decline reached $41,650. It is worth noting that trade volume has decreased throughout the market. The US financial markets were closed due to the Martin Luther King Jr. holiday. Analysts make some assumptions about the effect of the Bitcoin price. The current adjustment could have a significant impact on BTC’s market structure.
Rekt Capital has published the chart; Which shows that BTC trades well with the established support and resistance zone. According to the new BTC Weekly Close, the $43,120 level figures further resistance. Technically, BTC continues to move in the upper region of the $38000- $43,100 range.
Market analyst Michaël van de Poppe discussed the long-term trend in Bitcoin; Who published Realized Cap HODL Waves and Bitcoin 4 Wave Patterns and Charts. According to the analyst, there is a chance that the typical 4-year cycle for BTC will be extended. According to him, this cycle is longer than the previous one. Due to macroeconomic impacts, 4-year cycles no longer occur. Therefore, this cycle will be higher and longer than expected.
Wait for the Upward Momentum
The emotion of prolonging the Bitcoin price cycle was echoed in a tweet from a crypto analyst, Techdev; He published a diagram that analyzes adjustments and impulses in growth cycle markets; Based on new trends in address.
Compared to the previous pulse waves reflected by Techdev, Bitcoin is still expected due to the green shadow price breakthrough in the current cycle; it’s overloaded and starts next. Techdev says at least one more upward impulse is needed; the declining trend begins before the impulse. The total market capitalization of cryptocurrency is now $2.02 trillion. Bitcoin dominance rate is 39.6%.
Given the dynamics of the first weeks of 2022, most analysts believe that Bitcoin will gradually stabilize. According to reports, BTC/USD remains firmly in the established trading range from $40,000 to $45,000. Analyst William Clemente noted that Bitcoin is growing along the upward trend line this month; It will soon approach the turning point. William is announcing an exciting week.
It seems that the attention of experts and bitcoin lovers is now on whether the most popular digital currency will be able to break through; Which may be followed by a new record shortly. Part of the analysts predicts a remarkable success for Bitcoin this year.