Bitcoin has always been the kingpin of the crypto town, and being the chief has its setbacks. Bitcoin in most cases is the digital asset that braves the wrath of the market cycle. Before letting the wind pass to altcoins, which is the distinctive trait of the asset class. The supercycle has hampered the growth of the flourishing business to a greater extent.
Bitcoin has shed significant gains following the blitz in an unbroken sequence. BTC price has lost its grip at $49,000. With the patterns on the graph hinting at a bearish divergence on the daily charts. The crypto analyst expects BTC to be bullish on the weekly charts, which could take the price to sky-scraping highs.
Will Bitcoin’s Legacy Be Undisputed?
The crypto analyst cites that BTC is forming a huge bearish divergence for the week, as per the suggestions from the daily charts. The proponent mentions that Bitcoin is bullish on the weekly time frame despite being Bearish with daily time frames.
From historic cycles, which witnessed BTC price rocketing about 600% in just 20 weeks post breaking through the barriers at $3,000. A similar hype post of $70,000 could propel the price to hit $400,000 with the surge being at 500%. On the flip side, Bitcoiners can anticipate a $200,000 price tag even if it takes 40-weeks. Making the projection possible by the end of 2022.
Where Are We Heading In The Short Term?
The analyst edifies that the RSI on the daily frame is oversold, and is breaking into the levels of 30. BTC’s price has lost its grip at levels of $50,000 and is currently trading at about $49,631.08. Which had earlier dipped to $47,032.56, following the release of the Consumer Price Index.
The price of BTC could plunge to levels around $46,500, and then towards $40,000 if the bears get into action. The bulls need to barge in taking the price above the previous support, post which can be considered as a potential zone for the leg-up towards $60,000.
Collectively, although the price trend in the short-term is in favor of the bears. The long-term does look promising, with the “n” number of adoptions the network has been receiving. Moreover, the transit to PoS would bring the tables in BTC’s favor. As the implications of the transition would be massive for Bitcoin.