Analysts say Bitcoin's behavior at $ 47.5,000 mirrors the market before the 2017 breakout

Crypto markets fell again after Bitcoin ( BTC ) The price slipped to $ 47,500 on Dec. 9, but most analysts agree the price is destined to...


Crypto markets fell again after Bitcoin (BTC) The price slipped to $ 47,500 on Dec. 9, but most analysts agree the price is destined to stay in the $ 40,000- $ 55,000 range until the end of the holiday season.

4 hour BTC / USDT chart. Source: TradingView

Data Cointelegraph Markets Pro and TradingView shows that the morning defense of the $ 50,000 support level has been broken by sellers and, according to independent market analyst Ben Lilly, offers at underlying support levels do not inspire much confidence in the bulls.

Here’s a look at what analysts and traders are saying about recent price developments and whether the current BTC drop is a signal that a bear market is happening.

Bulls aim to maintain $ 47,000 support

An overview of weekly price developments was provided by analyst and pseudonymous Twitter user ‘Rekt Capital’, who job the following chart depicting the support and resistance levels that are currently relevant to price action for BTC.

1 week BTC / USDT chart. Source: Twitter

Rekt Capital said,

“BTC threatens to lose that red support but no confirmed outages. Below the red is the orange area, strong support that ended two -25% corrections in February and September. In general, red should hold for avoid an orange drop Always here until further notice.

Full-time trader and Cointelegraph contributor Michaƫl van de Poppe is also monitoring price developments around these important support levels and job the following chart depicting the make or break support level in the low $ 40,000.

1 day BTC / USD chart. Twitter source

Poppe said,

“Chop, chop, this is for Bitcoin. A crucial area to keep is this region that we already hit at $ 42,000. The close was over $ 46-47,000 and I’d rather not lose that at all.”

The formation of flags foreshadows a possible rebound

Further analysis on the weekly price action for BTC was provided by analyst and pseudonymous Twitter user “TechDev”, who posted the following tweet describing the formation of pennants on the Bitcoin chart that turned out to be followed by bullish breakouts in the past.

As TechDev put it at the end of its Tweet, no one ever said that making money and standing firm on BTC’s long-term prospects was easy, and the greatest rewards are only for those who can. persevere during times of struggle as the market is currently facing.

Related: Bitcoin could reach $ 100,000, gold $ 2,000 in 2022 thanks to “deflationary forces” – Bloomberg analyst

Bitcoin price action looks like the 2017 market

A final snapshot was offered by crypto trader and pseudonymous Twitter user ‘Nunya Bizniz’, who posted the following chart comparing BTC price action during the 2017 bull market cycle to the current chart and a hints at a possible approaching breakout for Bitcoin in the near future.

2017 BTC / USD price action versus the current BTC / USD price action. Source: Twitter

Nunya Bizniz said,

“The price development at an earlier ATH that was most similar to now was in 2017. Maybe? “

While it remains to be seen what will happen with the price of Bitcoin in the near future, it looks like the forecast handful of $ 100,000 by the end of 2021 will be insufficient and may not happen until sooner or later. 2022, if at all.

The overall cryptocurrency market cap is now $ 2.25 trillion and Bitcoin’s dominance rate is 40.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.