Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Monster5 on October 13, 2021, 06:32:58 PM
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Bitcoin (BTC) saw a widely anticipated pullback on Oct. 13 as bulls struggled with February’s old all-time highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Analysts unfazed by BTC’s price pullback
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing from five-month highs to briefly wick below $54,000 on Bitstamp.
After recovering to around $55,000, the pair looked choppy on Wednesday with no clear direction apparent in the short term.
For analysts, however, there was little surprise in the moves. $58,000 had been tipped as tricky resistance, which was unlikely to break all at once, while a “buy the dip” opportunity at $53,000 or below was also on the radar for many.
“This BTC pullback doesn’t worry me at all,” trader and analyst Rekt Capital summarized.
He added that such a retest and consolidation was likely a required feature for Bitcoin to cement new support and continue toward extant all-time highs and beyond.
Of a similar opinion was popular trader Pentoshi, who hinted that the higher low, which could result from the pullback, may be Bitcoin’s last before an attack on higher levels.
“Clear invalidation if 48k lost,” he concluded in Twitter comments Tuesday.more about (https://cointelegraph.com/news/bitcoin-search-interest-nears-1-year-lows-as-btc-price-slips-below-55k)
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I would say that this recent pullback is a very healthy one. And that is why traders are not really worried about it and can in fact be a big opportunity for them to take a breathe and buy more at the dip. Soon Bitcoin will be back charging towards the $60K market and let's see if that can be the best time to win over this barrier. There is no question, we are now in a huge bullish position and this can be the same situation as we are ending the year 2021...looking forward that within the first quarter of 2022 Bitcoin is already beyond $100K mark.
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Agree we will see another bullish market for Bitcoin soon. Because Bitcoin has already crossed 58k. Now it's just a matter of time before Bitcoin breaks past records. My idea is that Bitcoin will touch 150k by next year. A few days ago when the price of Bitcoin dropped a bit, many investors took advantage of the opportunity and hold on to Bitcoin. Now just waiting for us is how far the market goes.