bear business? Analysts say that the current Bitcoin price decline is still similar to Bitcoin's previous cycle.

Cointelegraph中文 view 56840 2022-1-19 11:17
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A new study indicates that there will be “at least one more” before Bitcoin (BTC) hits a high during the half-cycle.

In a series of tweets about Bitcoin's current price order, popular TechDev analysts believe there's nothing special about BTC/USD in 2022, unlike many Christians.

Bitcoin in 2021: Nothing to see

Speculation also had an impact as the value of Bitcoin fell 40% from its all-time high of $69,000 in November. “Horror” is also characteristic of the bitcoin and altcoin markets.

TechDev, aware of its future prospects for Bitcoin, has nothing to fear.

Looking at the relationship between new settlements in portfolios and price decisions, it was found that last year the situation (the number of new settlements peaking was lower when prices increased again) was not different.

“There is a difference in 4 out of 6 modifications where the cost of constructing a new height and the location of a new construction is lower,” I read the words of the two statements.

"...for me, the six are correct and the volume has been reduced."

The low trading volume has already made headlines due to fears that Bitcoin could become volatile due to lack of capital.

TechDev added that there's no reason to think that more tops won't occur before the market lowers levels, as the moving average of Fibonacci levels generally performs well in historical patterns.

It concludes that "the current correction (after February 2021) is occurring on the same Fibonacci cycle as the correction increases as local products and new stakeouts decline."

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According to the Cointelegraph, interest in Bitcoin has declined over the past year, especially among traders.

However, potential investors were ready, leverage was near all-time highs, and organizations thought they were starting to re-enter the market.

During the fourth quarter, TechDev began simultaneously releasing the Bitcoin Relative Strength Index (RSI), indicating that it is expected to hit an all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that the RSI for BTC/USD is still “oversold,” leading to price changes and previous highs.


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