Bitcoin price consolidates in critical ‘make or break’ zone as bulls defend $42K
The waiting game continues for crypto traders after Bitcoin (BTC) is once again pinned below resistance at $43,000 and awaiting some spark in momentum that can sustain a rally back to 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 couple of days and with tensions between Ukraine and Russia escalating, many traders are less then optimistic about Bitcoin's short-term prospects.
Here’s a look at what analysts are saying about their short-term expectations for Bitcoin price.
Well-known cryptocurrency perma-bear Peter Schiff made sure to chime in on the latest struggles for Bitcoin by posting the following chart pointing to a double top on BTC as a sign that the digital asset is set to drop to $0.
Schiff asked followers to “imagine how bad this chart will look once Bitcoin breaks below $30,000,” and he direly predicted that “If this double top completes, the real floor is zero!”
Schiff said,
A more in-depth read on the current chart formation was provided by crypto analyst and pseudonymous Twitter user ‘TechDev’, who posted the following chart which divided the “year-long BTC range” into 2-week-long sub-ranges.
TechDev said,
Evidence that the price of Bitcoin could soon start heading higher was noted by market analyst Caleb Franzen, who posted the following chart looking at the daily candles for BTC since October 2020.
Franzen said,
Related: Bitcoin kisses 50-day moving average as trader predicts fresh BTC price volatility
The recent dip in BTC price below support at $40,000 was addressed by crypto trader and pseudonymous Twitter user ‘Phoenix’, who posted the following chart suggesting the dip was a deviation
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