The current market of cryptocurrency seems to be experiencing some choppy, sideways price action on the 17th of January, with Bitcoin price falling. Across the entire market, the trading volume has remained pretty subdued and most of the financial markets across the country have been closed in observation of the Martin Luther King Jr. holiday.
Goes without saying, some analysts have been pretty vocal about the price action of the largest cryptocurrency in the world, and how the price correction would impact the market structure of BTC.
Bitcoin price Could Go Down Further
Rekt Capital, a pseudonymous Twitter user, provided the major analysis for the weekly price action of Bitcoin, as they posted a chart that highlighted that the cryptocurrency was near a well-established support and resistance zone. The Twitter user stated that the new Weekly Close of BTC did show that the black level of price was figured as new resistance. Also, BTC did continue to reside at the upper region of its current price range.
Michael van de Poppe, a contributor for Cointelegraph and market analyst, has stated that most investors would need to look at the long-term trend for Bitcoin, as he posted another chart that highlighted the 4-wave pattern of the cryptocurrency. According to this analyst, there is a major possibility that the typical 4-year cycle for the cryptocurrency could be lengthening.
The sentiment of a lengthening price cycle of Bitcoin was echoed in most of the tweets from another analyst Techdev, who posted a chart that provided the analysis for the impulses and corrections over the cycles’ bull markets which were based on new address trends on-chain. The Twitter analyst stated that there was at least another upward impulse to come in his opinion before an impulsive downtrend would begin.