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.
“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.”
Another analyst Inmortal provided another bitcoin target.
We need to make a new Higher High to confirm a local bottom.
— 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
“Performance since the Halving May 21, 2021: Since the halving a little over a year ago:
… and this despite Bitcoin’s major correction.”