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

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

Bitcoin News
June 1, 2021 by J.D. Smith
16
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
Screen-Shot-2021-05-31-at-3.06.40-PM-1024x465-1

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.”

Source: Ecoinometrics


Subscribe to our Newsletter