Bitcoin Price Consolidates In Critical 'Make Or Break' Zone As Bulls Defend $42,000

The waiting game continues for crypto traders after Bitcoin (BTC) is pinned again below resistance at $43,000 and awaits a spark in momen...


The waiting game continues for crypto traders after Bitcoin (BTC) is pinned again below resistance at $43,000 and awaits a spark in momentum that can support a rally towards the $50,000 range.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has traded in a range between $41,500 and $43,000 over the past two days and with tensions escalating between Ukraine and Russia, many traders are less optimistic about to Bitcoin’s short-term outlook.

BTC/USDT 1-day chart. Source: Trading View

Here’s a look at what analysts are saying about their near-term expectations for Bitcoin price.

Is Bitcoin on the way to zero?

Peter Schiff, the well-known cryptocurrency permanent bear, made sure to participate in the latest struggles for Bitcoin by assignment the following chart pointing to a double top on BTC as a sign that the digital asset is about to drop to $0.

BTC/USD 1 week chart. Source: Twitter

Schiff asked his followers to “imagine how bad this chart will be once Bitcoin drops below $30,000,” and he awfully predicted that “if this double top ends, the real bottom is zero! “

Schiff said,

“A drop to $10,000 would appear to be a lock, but there is no reason to believe this level would hold as a permanent floor.”

A deeper read on the current chart formation was provided by crypto analyst and pseudonymous Twitter user “TechDev”, who posted the following chart which divides the “BTC 1-Year Range” into 2 sub-ranges weeks.

BTC/USD 2 week chart. Source: Twitter

TechDev said,

“The close outside one allowed for weeks of price action in the next. Yesterday’s 2W close above $40,000 suggests the previous close was a deviation. Current key to 2W to determine which sub-range we will spend the next few weeks.

“The bullish cross is happening now”

Evidence that the price of Bitcoin may soon start to rise has been noted by market analyst Caleb Franzen, who job the following chart examining the daily candles for BTC since October 2020.

BTC/USD 1-day chart. Source: Twitter

Franzen said,

“The red and white indicators use linear regression analysis to measure the slope of the regression over different time periods (slow or fast). The crossovers are bullish/bearish depending on the direction. The bullish crossover is happening now…”

Related: Bitcoin Kisses 50-Day Moving Average as Trader Predicts Further BTC Price Volatility

Was the dip below $40,000 a bear trap?

The recent drop in BTC price below the support at $40,000 was addressed by crypto trader and pseudonymous Twitter user “Phoenix”, who job the following chart suggesting that the decline was a diversion designed to “suck traders to the wrong side” and “trap traders into breakouts” by causing them to “load higher/lower targets”.

BTC/USD 1-day chart. Source: Twitter

Phoenix said,

“History does not repeat itself, but it often rhymes. Chances are it’s just another discrepancy. At least the sentiment matched near the lows, that’s for sure.

The overall cryptocurrency market capitalization now stands at $1.892 trillion, and Bitcoin’s dominance rate is 42.5%.

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