Bitcoin held back some bearish fightback to remain above $50k for most of the last 24 hours. The largest digital currency by market capitalization is currently trying to recover from its multi-week lows of around $42k and has recently gone above $50k. Now, with further positive data coming from analytics, the digital asset is looking to remain above $50k to have a shot at a return to the bull run in the coming weeks.
For Bitcoin holding on to the $50k level was the biggest ask of today and it did generally well with that. But, despite the overall positive move to keep things in recovery mode, there is still little hope of a complete turnaround by the end of the year. There are a number of short-term indicators that have gone bearish due to the recent price tank. To get an overall idea of the market, it is important to consider a wide range of indicators.
According to crypto analyst Rekt Capital, Bitcoin is undertaking a wedge shaped pattern and a price breakout can be expected after the wedge closes.
Rekt Capital believes that is considerable buying support as we go lower into the $40ks and that is what will form the base of the wedge pattern.
While previously, much of the market believed that the end to 2021 will be a climax of the current bull run, most aren’t quite so sure now. Now, traders are expecting a slow end of 2021 because of the recent price tank and most probably, the index will continue to remain on to the path of recovery back to $69k. However, the crypto analysts are also adamant that the bull run isn’t over just yet. There is considerable belief that the digital currency will re-ignite itself in early 2022.
According to popular analyst William Clemente:
Earlier today everyone thought we were going to moon, if we sweep the lows everyone will probably think we’re going to dump again.
Still just think we’re going to consolidate and carve out a regime of mixed-negative funding before eventually going higher. https://t.co/D8F7X7t3V5
— Will Clemente (@WClementeIII) December 7, 2021
The end of 2021 was being touted as the ultimate close of the current bull run but it is in all likelihood going to be a slow, boring cruise that crypto enthusiasts and traders are only happy to see through at the end of the day. Now the sights are set at 2022 and the kind of price action it will bring.
Image Source: pixabay.com
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