Since the start of February 2021, Bitcoin (BTC) has seen an ‘illusory’ price consolidation – base support is currently $ 48,000.

According to on-chain monitoring resource Glassnode, the second month of this year is when Bitcoin is set.
$ 35,000 Bitcoin? So last month

Co-founders Yann Allemann and Jan Happel discussed the current state of the Bitcoin network and said that many price indicators can be “reset” in February.

They wrote in a February 17th tweet: “As of January, Bitcoin’s degree of integration has been unreal. It allows fundamentals to catch up and indicators to reset.”

“Looks like $ 48,000 is the new $ 35,000.”

The bullish outlook adds momentum to the bulls and hopes that hitting the $ 50,000 Bitcoin level for the first time this week will lay a solid foundation without major corrections.

Although the price hovered around $ 50,000, all the dips were quickly redeemed, regardless of the speed of the price increase or any negative description of Bitcoin, indicating that buyers received strong support at a higher level. .

Responding to Glassnode’s results, statistician Willy Woo said, “In the cash flow model, the daily closing price is $ 36,000. This is a black swan.”

He described Bitcoin’s current position as the “middle phase” of the bull market.
Saylor: Over 80% recall

At the same time, Allemann and Happel are not alone. MicroStrategy CEO Michael Saylor said during his last appearance on Bitcoin standards author Saifedean Ammous’s podcast series last weekend that Bitcoin would not be like 2018.It fell 80%.

He told Ammous: “Volatility is different. If you look at the downside, it’s not the same.”

“When Bitcoin went up to $ 40,000 and came back to $ 30,000, it was a 25% retracement, not an 80% retracement.”

According to Cointelegraph, according to this week’s announcement, MicroStrategy plans to buy an additional $ 900 million in BTC in the near term.

Source: CoinTelegraph

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