When can we start talking about Bitcoin’s ‘sustained move back to $50k’

As the saying goes, “buy when there’s blood in the streets”, does this hold true for Bitcoin? The cryptocurrency market has been undergoing a phase of correction and consolidation, there’s no denying that. Whether one likes it or not, the total market cap has significantly decreased. Having said that, a gradual upward movement may or may not provide the required support to project a bullish sentiment.

Although, one thing worth noticing was that this bloodbath has divided the crypto community into two segments. The long-time HODLers and the short-time sellers.

Source: Glassnode

Johnny Woo, a popular crypto trader provided his bitcoin projections in a tweet that read:

“Bitcoin is forming a Descending Broadening wedge here. It’s bullish but there are two possible scenarios:

Green: breaking the resistance and maintain the uptrend.

Red: retest the bottom of the wedge (~30k) and bounce from there.”

Source: Johnny Woo| Twitter

Another analyst Inmortal provided another bitcoin target.

We need to make a new Higher High to confirm a local bottom.

Reclaim 40k and we can start talking about a sustained move back to 50k.#Bitcoin pic.twitter.com/myeWXIYWpp

— Inmortal (@inmortalcrypto) May 24, 2021

Lastly, Luke Martin, (another analyst) also tweeted about bitcoin’s current market sentiment:

May 2021 is the bloodiest month for $BTC in its history.

Worst monthly returns in last 5 years:
•May 2021: -37%
•Nov 2018: -36%
•Mar 2018: -32%
•Jan 2018: -27%
•Mar 2020: -25% pic.twitter.com/NeRJsSkIBG

— Luke Martin (@VentureCoinist) May 30, 2021

At the time of writing, the world’s largest cryptocurrency saw an incline of about 6%, and was trading at the $36.5k price level. However, a recent analysis from Ecoinometrics, stated that:

“Performance since the Halving May 21, 2021: Since the halving a little over a year ago:

BTC +306%

SP500 +42.4%

Gold +10.7%

… and this despite Bitcoin’s major correction.”

Source: Ecoinometrics