As the United States enters a holiday week, trading volumes in cryptocurrencies have weakened noticeably. Bitcoin (BTC)
is currently struggling to maintain strength under the $88,000 mark, continuing to close below the support line of the bear flag. According to Jelle, the bottom is clearly established, and the post-holiday period could bring a much more enjoyable phase for cryptocurrencies. This analysis explores insights from three different analysts on the subject.
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Cryptocurrencies Hitting Bottom
Bitcoin, eagerly anticipating Friday’s significant options expiration, faces challenges after another failed attempt to break past resistance. Altcoins remain at their bottom supports, and the exchange-traded funds (ETFs) are not presenting a promising picture. Jelle remains optimistic, citing a bullish MACD signal as evidence that the bottom has been identified.
“The three-day bullish divergence on MACD is about to signal an uptrend. I’m quite sure that the bottom is seen, and BTC will soon reach six-figure numbers again. Stock up energy during the holiday and start the new year with vigor.”
While Jelle is confident, he also showed similar certainty in previous bullish forecasts. January could bring a series of bad news, potentially unsettling the crypto market, which failed to deliver as expected in December. If Jelle’s prediction comes true, it will indeed be surprising.
Bitcoin (BTC) Forecasts
With Bitcoin continuing to trade within a narrow range, it made a third unsuccessful attempt to reclaim the bear flag support. Prices fluctuate between $84,000 and $90,000, with the ongoing resistance at $90,000 suggesting a potential new low below $80,000.
The pseudonymous analyst DaanCrypto also highlights rejections from the 200MA/EMA trend on the 4-hour chart.
“This will be the first level that needs to be broken upwards if the coin wants to break out of this shaky range.”
His focus remains similar. Bitcoin, known for its significant swings after prolonged consolidations, could soon see a notable increase in volatility.
Poppe points out that as the appetite for commodities remains robust and even ecstatic, other risk assets haven’t performed well.
“Such is euphoria. During exponentially increasing and parabolic returns, returns will only accelerate in the final stage of parabolic returns. This is the situation currently seen in commodity markets.
Gold has reached $4,500, breaking its all-time high.
Silver increased by 40% in a month.
Platinum gained 40-50% in two weeks.
It’s important to note that the cycle includes sharp corrections despite the persistent rise in volatility and the continued upward trend in gold’s price. Everything won’t keep rising continuously as it currently seems. The main reason risk assets haven’t accelerated yet is the focus on commodities.”
