Bitcoin price cools off after a strong run at the $50,000 level, but analysts are not entirely sure on what the next step might be.
shows that today's attempt to push the price of BTC above $47,500 was soundly rejected by bears which sent the top cryptocurrency plunging to $45,500.Here’s a look at what several analysts in the market are saying about the price pullback for BTC and whether or not traders should brace for further losses or prepare for another move higher.
the following chart showing the 21-day, 55-day and 200-day exponential moving averages for Bitcoin stating, “Sometimes it's helpful to cut out all the noise, remove price structure analysis, and just look at the exponential moving averages.”"All are potential support for Bitcoin, giving us a range of $42,000 - $45,000.”A necessary period of sideways consolidation
the following chart comparing the BTC price action in 2012 to its current movement and suggested that “after being up 28% in the last 2 weeks and breaking a major resistance, some sideways consolidation should be good for Bitcoin.”“In the next months, I believe that Bitcoin will move slow and steadily up like in 2012. But altcoins will go nuts.”
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