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



Bitcoin [BTC/USD] Technical Analysis: Investor sentiment sees decline as market continues sideways movement
Source: Unsplash

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.

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

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.”

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.