{"id":377140,"date":"2021-12-06T18:21:52","date_gmt":"2021-12-06T15:21:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst\/"},"modified":"2021-12-06T18:21:52","modified_gmt":"2021-12-06T15:21:52","slug":"bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst\/","title":{"rendered":"# Bitcoin could &#8216;drive people nuts&#8217; for months with $53K BTC price ceiling \u2014 analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38949c125fb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38949c125fb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst\/#Bitcoin_price_bottoms_could_sink_still_deeper\" >Bitcoin price bottoms could sink still deeper<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst\/#%E2%80%9CTrading_at_a_decent_discount%E2%80%9D\" >&#8220;Trading at a decent discount&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin could &#8216;drive people nuts&#8217; for months with $53K BTC price ceiling \u2014 analyst <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvMDc2ODBkNmEtYTQ3OC00MTVkLTk4NjgtMzE0ZjhlNDY3Mjc0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) may spend &#8220;months&#8221; ranging between recent $42,000 lows and $53,000 and cause panic in the process, popular analysis warned on Dec. 6.<\/p>\n<p>Discussing the BTC price outlook on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, Scott Melker, known as the Wolf of All Streets, said that ranging behavior could last well into 2022.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_price_bottoms_could_sink_still_deeper\"><\/span>Bitcoin price bottoms could sink still deeper<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After failing to reclaim even $50,000 after last week&#8217;s crash, BTC\/USD is spawning bearish sentiment this week.<\/p>\n<p>As sentiment sits deep within in the &#8220;extreme fear&#8221; zone, Melker joined those steering clear of the sky-high short-term price predictions which were previously ubiquitous.<\/p>\n<p>&#8220;My <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> view. &gt;53K again resumes the bullish case. &lt;42K again puts 28K back in play,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1467866633729458184\">summarized<\/a>. <\/p>\n<blockquote><p>&#8220;Everything between the 2 numbers now is ranging chop that will drive traders into a panic. People will be extremely bullish at 53K and bearish at 42K, if either is reached.&#8221;<\/p><\/blockquote>\n<p>A further post put the timeframe for such price action to play out at &#8220;a few months.&#8221;<\/p>\n<p>&#8220;December has a high probability of range-bound chop, the ideal time to take some time off from the charts, make a few well-thought-through trades, and recharge for next year,&#8221; filbfilb, co-founder of trading platform Decentrader, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1467868812276113416\">continued<\/a>.<\/p>\n<p>Their comments mimic those of fellow popular trader Pentoshi, who made waves Monday while acknowledging that Bitcoin could still dip to $30,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Wouldn\u2019t be surprised if this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$btc<\/a>. It\u2019s a real possibility. I would be prepared for it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Qw4XggiDdV\">https:\/\/t.co\/Qw4XggiDdV<\/a><\/p>\n<p>\u2014 Pentoshi (@Pentosh1) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1467679666748203017?ref_src=twsrc%5Etfw\">December 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>That would place BTC\/USD <em>de facto<\/em> back at its 2021 starting position and over 50% down against the year&#8217;s all-time highs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CTrading_at_a_decent_discount%E2%80%9D\"><\/span>&#8220;Trading at a decent discount&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Monday&#8217;s Wall Street open meanwhile had barely any impact on Bitcoin, markets remaining comparatively steady as stocks saw a light move higher.<\/p>\n<p><strong><em>Related:\u00a0BTC sentiment \u2018comparable to a funeral\u2019 \u2014 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>As critics took aim at Bitcoin&#8217;s alleged <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1467867606304571392\">lack of ability<\/a> to act as a store of valu, proponents looked for clues as to whether the market was fairly valued after the sell-off.<\/p>\n<p>For analyst Willy Woo, the on-chain data said it all.<\/p>\n<p>&#8220;We&#8217;re currently trading at a decent discount,&#8221; he revealed, highlighting the Bitcoin Supply Shock Valuation (SSV) metric.<\/p>\n<p>SSV looks at the last time on-chain demand matched current levels, with the implication being that prices should be higher under current circumstances.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This model does a look back on previous times that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> had similar on-chain demand.<\/p>\n<p>We&#8217;re currently trading at a decent discount.<\/p>\n<p>It&#8217;s a model for investors, not traders who can easily be liquidated well before the model plays out. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/w9byxBiX6M\">pic.twitter.com\/w9byxBiX6M<\/a><\/p>\n<p>\u2014 Willy Woo (@woonomic) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1467868357768937472?ref_src=twsrc%5Etfw\">December 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Woo had previously <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1467179328865980419\">noted<\/a> that the most recent dip was accompanied by smallscale investors increasing their BTC exposure.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-could-drive-people-nuts-for-months-with-53k-btc-price-ceiling-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin could &#8216;drive people nuts&#8217; for months with $53K BTC price ceiling \u2014 analyst &#8221; Bitcoin (BTC) may spend &#8220;months&#8221; ranging between recent $42,000 lows and $53,000 and cause panic in the process, popular analysis warned on Dec. 6. Discussing the BTC price outlook on Twitter, Scott Melker, known as the Wolf of All&#8230;<\/p>\n","protected":false},"author":1,"featured_media":377141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvMDc2ODBkNmEtYTQ3OC00MTVkLTk4NjgtMzE0ZjhlNDY3Mjc0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-377140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/377140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=377140"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/377140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/377141"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=377140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=377140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=377140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}