{"id":377235,"date":"2021-12-06T21:43:44","date_gmt":"2021-12-06T18:43:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\/"},"modified":"2021-12-06T21:43:44","modified_gmt":"2021-12-06T18:43:44","slug":"heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\/","title":{"rendered":"# Here\u2019s why analysts expect \u2018choppy\u2019 Bitcoin price action between $42K and $53K"},"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-6a3732207cb3a\" 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-6a3732207cb3a\" 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\/heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\/#Strong_support_in_the_lower_40000s\" >Strong support in the lower $40,000s<\/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\/heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\/#Short_term_recovery_to_52000\" >Short term recovery to $52,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\/#Expect_%E2%80%9Cchop%E2%80%9D_between_42000_and_53000\" >Expect &#8220;chop&#8221; between $42,000 and $53,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Here\u2019s why analysts expect \u2018choppy\u2019 Bitcoin price action between $42K and $53K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The wider cryptocurrency ecosystem is in a heightened state of fear on Dec. 6 after the Dec. 3 market sell-off continues to send ripples across the the sector and Bitcoin (BTC) price remains pinned below $50,000.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that bulls are managing to hold BTC price above $49,000 but the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> outlook suggests that additional days of consolidation are in store. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/cc472a8b-1bf6-41f4-b636-79ef16286d3d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what analysts are saying about what to expect from BTC price in the coming weeks. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Strong_support_in_the_lower_40000s\"><\/span>Strong support in the lower $40,000s<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into the weekly price action for Bitcoin was provided by market analyst and pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> user Rekt Capital who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1467823824871776258\">posted<\/a> the following chart highlighting the major support and resistance zones traders should keep an eye on. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/a402cd4f-c454-43f7-a782-37e5248320d3.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>&#8220;BTC Weekly closed above the small red area from which BTC has previously rebounded. BTC is threatening to lose this area but no confirmed breakdown. Just below this area is the orange region, a strong demand area which ended two -25% corrections in February and September.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Short_term_recovery_to_52000\"><\/span>Short term recovery to $52,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traders looking to avoid choppy price action in the days ahead would be wise to sit on the sidelines and wait for the market to digest this latest pullback according to analyst and pseudonymous Twitter user Pentoshi, who posted the following chart suggesting a short term recovery in BTC price to $52,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/036c01b4-de73-490f-82cd-ca00b58b2312.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>While the analyst does see an eventual recovery in the longer term, Pentoshi warned that the market could be choppy in the short term and traders may find a better entry point if they remain patient. <\/p>\n<p>Pentoshi said, <\/p>\n<blockquote><p>\u201cI can see BTC short-term trading back towards $52,000 but I think if you wait a few days\/week you&#8217;ll avoid chop. Buy in low to mid $40,000s. Not get tr<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>ed. Don&#8217;t see a reason to take new longs here atm. Going to wait for a new trade to come to me.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin could &#8216;drive people nuts&#8217; for months with $53K BTC price ceiling \u2014 analyst<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expect_%E2%80%9Cchop%E2%80%9D_between_42000_and_53000\"><\/span>Expect &#8220;chop&#8221; between $42,000 and $53,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of insight was offered by independent market analyst Scott Melker, who posted the following tweet laying out the price levels traders need to monitor closely. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>My general view.<\/p>\n<p>&gt;53K again resumes the bullish case<br \/>&lt;42K again puts 28K back in play<\/p>\n<p>Everything between the 2 numbers now is ranging chop that will drive traders into a panic.<\/p>\n<p>People will be extremely bullish at 53K and bearish at 42K, if either is reached.<\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1467866633729458184?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>As seen in the above tweet, Melker identified the range between $42,000 and $53,000 as the choppy zone that will drive traders nuts, while a breakout above that zone is a positive sign for bulls. According to Melker, prices below $42,000 will indicate that bears have the upper hand in dictating BTC price for the foreseeable future. <\/p>\n<p>The overall cryptocurrency market cap now stands at $2.285 trillion and Bitcoin\u2019s dominance rate is 40.6%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/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\/here-s-why-analysts-expect-choppy-bitcoin-price-action-between-42k-and-53k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Here\u2019s why analysts expect \u2018choppy\u2019 Bitcoin price action between $42K and $53K &#8221; The wider cryptocurrency ecosystem is in a heightened state of fear on Dec. 6 after the Dec. 3 market sell-off continues to send ripples across the the sector and Bitcoin (BTC) price remains pinned below $50,000.\u00a0 Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":377236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvZWY5MTgzOWItZjA5Zi00MDMyLTk0OTEtZjEyYzA3N2FjOWQ5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-377235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/377235","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=377235"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/377235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/377236"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=377235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=377235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=377235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}