{"id":378841,"date":"2021-12-09T23:35:32","date_gmt":"2021-12-09T20:35:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\/"},"modified":"2021-12-09T23:35:32","modified_gmt":"2021-12-09T20:35:32","slug":"analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\/","title":{"rendered":"# Analysts say Bitcoin\u2019s behavior at $47.5K mirrors the pre-breakout 2017 market"},"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-6a4129dbe4388\" 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-6a4129dbe4388\" 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\/analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\/#Bulls_aim_to_hold_the_47000_support\" >Bulls aim to hold the $47,000 support<\/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\/analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\/#Pennant_formation_hints_at_an_eventual_bounce\" >Pennant formation hints at an eventual bounce<\/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\/analysts-say-bitcoins-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\/#Bitcoin_price_action_resembles_the_2017_market\" >Bitcoin price action resembles the 2017 market<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts say Bitcoin\u2019s behavior at $47.5K mirrors the pre-breakout 2017 market <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Crypto markets tanked again after Bitcoin (BTC)\u00a0price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/b8aceb99-48d7-4f80-be23-f0cdec845c79.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Low bid pressure, return to neutral funding. This is starting to feel reminiscent of the price action we saw earlier this year as price bled to sub $30k.<\/p>\n<p>\u2014 Ben Lilly (@MrBenLilly) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MrBenLilly\/status\/1468920611519045636?ref_src=twsrc%5Etfw\">December 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Here\u2019s a look at what analysts and traders are saying about the recent price action and whether BTC\u2019s current downside is a signal that a bear market is in the making.<del><\/del><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bulls_aim_to_hold_the_47000_support\"><\/span>Bulls aim to hold the $47,000 support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into the weekly price action was provided by 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\/1468981289441280007\">posted<\/a> the following chart, which outlines the levels of support and resistance that are currently relevant to the price action for BTC. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/510d1193-21ff-4047-b45e-fe0437c201d0.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>\u201cBTC is threatening to lose this red support but no confirmed breakdown. Below red is the orange area, a strong support which ended two -25% corrections in February and September. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>ly red needs to hold to avoid a drop to orange. Still holding here until further notice.\u201d<\/p><\/blockquote>\n<p>Full-time trader and Cointelegraph contributor Micha\u00ebl van de Poppe is also keeping an eye on the price action around these important support levels and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1468868616468762625\">posted<\/a> the following chart outlining the \u201cmake it or break it\u201d support level in the low $40,000s. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/53fa4509-be62-40ac-a3a5-fe2397c6f483.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source Twitter<\/em><\/figcaption><\/figure>\n<p>Poppe said, <\/p>\n<blockquote><p>\u201cChop, chop, chop it is for Bitcoin. A crucial area to hold is that region we&#8217;ve touched already at $42K. The close was above $46K\u201347K and I&#8217;d prefer not to lose that at all.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Pennant_formation_hints_at_an_eventual_bounce\"><\/span>Pennant formation hints at an eventual bounce<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further analysis of the weekly price action for BTC was provided by analyst and pseudonymous Twitter user TechDev, who posted the following tweet outlining the formation of pennants, which have proven to be followed by bullish breakouts in the past, on the Bitcoin chart.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Still watching this <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> weekly pennant action.<\/p>\n<p>The most bullish moves often come from testing invalidation points.<\/p>\n<p>Nobody said it was easy. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AtYfYr8Ojb\">pic.twitter.com\/AtYfYr8Ojb<\/a><\/p>\n<p>\u2014 TechDev (@TechDev_52) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TechDev_52\/status\/1468960710478548995?ref_src=twsrc%5Etfw\">December 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As expressed by TechDev at the end of his tweet, nobody ever said that making money and holding firm on the long-term outlook for BTC was easy, and the biggest rewards are reserved for those that can persevere during times of struggle like that which the market is currently facing. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin could hit $100K, gold $2K in 2022 thanks to &#8216;deflationary forces&#8217; \u2014 Bloomberg analyst<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_price_action_resembles_the_2017_market\"><\/span>Bitcoin price action resembles the 2017 market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of insight was offered by the crypto trader and pseudonymous Twitter user Nunya Bizniz, who posted the following chart comparing the price action for BTC during the 2017 bull market cycle to the current chart and hinted at a possible breakout <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>roaching for Bitcoin in the near future.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/b8c84667-327d-4f16-bad9-f151b8d52775.jpg\"><figcaption style=\"text-align: center;\"><em>2017 BTC\/USD price action vs. present-day BTC\/USD price action. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Nunya Bizniz said, <\/p>\n<blockquote><p>\u201cPrice action at a prior ATH that has been most similar to now was in 2017. Maybe?\u201d<\/p><\/blockquote>\n<p>While what happens with Bitcoin price in the near future remains to be seen, it\u2019s looking as if the handful of $100,000 predictions by the end of 2021 will fall short and possibly not occur until sometime in 2022, if at all.  <\/p>\n<p>The overall cryptocurrency market cap now stands at $2.25 trillion and Bitcoin\u2019s dominance rate is 40.1%.<\/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\/analysts-say-bitcoin-s-behavior-at-47-5k-mirrors-the-pre-breakout-2017-market\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts say Bitcoin\u2019s behavior at $47.5K mirrors the pre-breakout 2017 market &#8221; Crypto markets tanked again after Bitcoin (BTC)\u00a0price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed. BTC\/USDT 4-hour chart. Source: TradingView Data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":378842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvZTA0OTQxOWUtYzZhZi00NDdmLTllYjQtNzQyODBhZmY3OGRjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,74860,75150,73785],"class_list":["post-378841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/378841","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=378841"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/378841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/378842"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=378841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=378841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=378841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}