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Investigate the up and down scenarios of bitcoin prices; Will the events of 2017 be repeated?


Some analysts say that the current trend of the bitcoin market is very similar to 2017, and believe that if history is to repeat itself, we must wait for bitcoin to reach new price peaks. On the other hand, some believe that if the supply of 145,000 bitcoins is finalized by the bankrupt Mt. Gox exchange, the market may face increased sales pressure and experience a deep decline.

to the Report Quinn Telegraph These days, cool market investors who do not get caught up in small fluctuations are advising others to take a deep breath, take a step back, and look at Bitcoin’s long-term bullish outlook. However, today’s fall in the price of Bitcoin below $ 56,000 has taken traders by surprise; A surprise that, of course, comes with a bit of fear.

Market data show that after the price reached $ 60,000 at the beginning of the week, the market was in the hands of sellers for a few days, which led to a fall in the price again to $ 55,600.

Investigate the up and down scenarios of bitcoin prices;  Will the events of 2017 be repeated?
Bitcoin price chart (1-day view of Bitcoin market / Tetra)

In the following, we are going to examine the analysts’ views on the recent price fluctuations and possible movements of Bitcoin in the coming days.

Watch out for monthly candles!

Rekt Capital, a well-known analyst in the digital currency market, took a closer look at bitcoin price movements in the 1-month market and published the chart below, showing that the price is about to close at a key monthly support level. It is close to $ 58,728.

Investigate the up and down scenarios of bitcoin prices;  Will the events of 2017 be repeated?
Bitcoin Price Chart (1-Month Bitcoin / Dollar Market View)

According to Capital Corporation, bitcoin price movements have been “promising” so far and the price is now on the verge of “regaining this monthly support level”. However, he warned that with the closing of the Kendall in November, there is still a possibility that prices will fluctuate in the short term.

Capital Company says:

But you have to keep in mind that the price of bitcoin can fluctuate in the remaining days of the month. This is the level of monthly candle closure that matters.

Supply of 145,000 bitcoins by the bankrupt Matt Gax exchange

David Lifchitz, investment director of ExoAlpha, unlike Capital, has given his reasons for the possible reversal of the Bitcoin price. He cited a November 16 announcement by Matt Gax, the bankrupt’s lawyer, stating that 145,000 bitcoins were to be invested by micro-investors who lost their assets during the 2014 hack. Be divided.

Lifchitz emphasizes that many of these micro-investors, who are set to reach windfall wealth in the near future, will receive bitcoins 100 times their initial purchase value; That is why “they will probably be criticized at any cost. “So it may hit the market hard when the news of the distribution of these units is finalized.”

Also read: Mt. Gox is returned after 8 years; Should we wait for the market to fall?

With the current situation, however, Lifchitz feels that “the selling pressure at the support level of $ 57,000 to $ 58,000 has ended and the market seems ready to reach $ 63,000 again and cross this level for the next few days.” .

Due to the risk of increasing sales pressure in the market after the introduction of Matt Gax bitcoins, it is necessary to be cautious during price movements, Lifchitz says.

Lifchitz said:

Matt Gax has put the market in a situation where something bad could happen at any moment, and despite this threat, I do not expect bitcoin to reach $ 100,000 next month. The whales have retained their assets, but are not buying new units. I think they are well aware of Matt Gax’s story and are looking forward to taking advantage of a possible fall. Once we get past Matt Gax, Bitcoin will have a clear path to new heights; Of course, there are crazy laws that can ruin this party.

Will the events of 2017 be repeated?

TechDev, another well-known analyst active on Twitter, posted the following image on his page, in which he compared the price movements of Bitcoin in 2017 with the current market conditions.

Investigate the up and down scenarios of bitcoin prices;  Will the events of 2017 be repeated?
Comparison of 2017 Bitcoin price movements with current market conditions

According to TechDew, the recent price correction follows almost the same path as mid-November 2017, with a small difference that the 50-day simple moving average (SMA) is now broken.

Tak Deo said:

Maybe still to the floor [قیمت] We have not arrived, but we are close to it. My observations show that the market is likely to be a big time for bitcoins and altcoins in the next 5 to 15 weeks.

The total market value of digital currencies is currently $ 2.51 trillion, and the bitcoin market dominance rate is estimated at 41.9%.

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