Bitcoin is potentially signaling a key bottom as analysts discuss its path to reclaim $101K resistance amid current bear market conditions, impacting holders worldwide.
The potential bounce to $101K could significantly influence market dynamics, with analysts monitoring support and resistance levels closely as Bitcoin holders assess strategic moves.
Bitcoin analysts suggest a potential bounce to $101K as market indicators show a bear trend.
Analysts project a significant price increase in Bitcoin amidst an ongoing bear market, characterized by bearish indicators such as the cryptocurrency’s weekly MACD’s crossover, suggesting a downward trend.
Analysts Project $101K Bitcoin Despite Bearish Indicators
Analysts point to a potential bounce to $101K for Bitcoin amidst ongoing bear market indicators. The cryptocurrency’s weekly MACD shows a bearish crossover, suggesting a prevailing downward trend.
Despite the market’s challenges, experts highlight a short-term resistance level at $101K. Anonymous traders discuss possible short-term price actions, emphasizing Bitcoin’s current volatility in the market.
On-Chain Data Shows Declining Bitcoin Profits
The market’s sideways movement impacts sentiment, with traders noting a resistance level near $101K. However, on-chain data reflects a decline in Bitcoin supply in profit.
Expectations for 30-100% monthly moves show varied opinions on Bitcoin’s future. Traders highlight a possible rally while acknowledging the existing bearish MACD crossover that suggests potential downward pressures.
2021 Bitcoin Trends Parallel Current Market Conditions
In 2021, Bitcoin’s shift below moving averages led to a temporary bounce followed by an extended bear market, similar to current conditions. Experts are wary of historical trends suggesting a complex market outlook.
Kanalcoin analysis indicates the significance of institutional investment for recovery juxtaposed with volatility notes. Key metrics, such as supply in profit, guide predictions, showcasing varied outcomes amidst market uncertainties.
“We are way overdue for a 50%+ month in Bitcoin. I’m going to go out on a limb and say we will see a 30–100% month in either January or February.” — Mike Alfred, Crypto Trader
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