On December 6, prominent analysts warned that Bitcoin (BTC) could spend “months” between recent lows of $ 42,000-53,000 and cause panic in the process.
Scott Melker, better known as the Wolf of All Streets, discussed BTC price predictions on Twitter, stating that the behavior change could continue into 2022.
Bitcoin price bottom could go deeper
Failing to recover even $ 50,000 after last week’s crash, BTC / USD has triggered bearish sentiment this week.
While sentiment is in the “extreme fear” zone, Melker has joined those who have moved away from the previously ubiquitous short-term price expectations.
“My general opinion. > 53А uptrend resumption. Summary.
“Everything between these two numbers is now a period that will panic traders. People will be very optimistic about 53K and 42K if achieved. ”
Another post set a time frame for this price action as “several months”.
“December has a lot of potential for distance-limited felling, and it’s the perfect time to take a break from charting, do some thoughtful trades and recharge until next year,” continued filbfilb, co-founder of the Decentrader trading platform.
Their comments echo those of another popular trader, Pentoshi, who made a splash on December 6 by admitting that Bitcoin could still drop to $ 30,000.
It will de facto bring BTC / USD back to the first position in 2021 and will return more than 50% to the records this year.
“Trade with a decent discount”
The Wall Street opening on December 6 did not affect Bitcoin and markets remained relatively stable as stocks showed a slight upward move.
Related: BTC’s Funeral Atmosphere – 5 Things To See In Bitcoin This Week
When critics targeted Bitcoin’s alleged inability to function as a store of value, speakers looked for clues as to whether the market rallied in any way after the sale.
Analyst Willie Wu, the data network says it all.
“We are currently trading at a decent discount,” he said, highlighting the Bitcoin Supply Shock (SSV) estimate.
SSV considers the last time demand in the series meets current levels, which implies that prices should be higher in the current environment.
Wu previously pointed out that the recent decline has been accompanied by an increase in the share of small investors in BTC.