$100,000BTC is probably not happening, but analysts are hopeful that BTC can end the year above $50,000 and kick off early 2022 with a new all-time high.
Bullish traders that drank the “Bitcoin to $100,000 by year-end” Kool-Aid are now coming to terms with the fact that there may be no Santa Claus rally to wrap up 2021. At the moment, the pipe dream has morphed into simple hopes that the top cryptocurrency can at least finish the year above $50,000.
Data from Cointelegraph Markets Pro and TradingView shows that the bounce in price seen in BTC following remarks from Federal Reserve Chair Jerome Powell has pretty much evaporated and over the past 48-hours the price has swept fresh lows at $45,500 and from the look of things, the price could drop even further.
Pseudonymous Twitter analyst, ‘Rekt Capital’, compared the current price action to the consolidation seen in May through July.
BTC is still consolidating inside these two key bull market EMAs. Just like in May 2021 (yellow circle).”
If a similar pattern were to play out, the price of BTC could continue to consolidate and drift lower for another 6 to 8 weeks before resuming its uptrend.
A similar scenario was forecast by Cointelegraph contributor Michaël van de Poppe, who posted a chart outlining a rough sketch of how BTC price action could unfold over the next couple of months.