{"id":389851,"date":"2022-01-05T14:04:23","date_gmt":"2022-01-05T11:04:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last\/"},"modified":"2022-01-05T14:04:23","modified_gmt":"2022-01-05T11:04:23","slug":"bitcoin-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last\/","title":{"rendered":"# Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last"},"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-6a3c5977085a3\" 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-6a3c5977085a3\" 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-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last\/#Analyst_weighs_prospect_of_%E2%80%9Cfakedown%E2%80%9D_towards_40000\" >Analyst weighs prospect of &#8220;fakedown&#8221; towards $40,000<\/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-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last\/#Red_herring_candles\" >Red herring candles<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) recovered from new lows of $45,550 on Jan. 5 as analysts waited patiently for a &#8220;squeeze&#8221; to trigger fresh volatility.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/c4a1abaa-5b0e-4ccc-b050-4b4c16b772ac.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_weighs_prospect_of_%E2%80%9Cfakedown%E2%80%9D_towards_40000\"><\/span>Analyst weighs prospect of &#8220;fakedown&#8221; towards $40,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD returning to the previous day&#8217;s levels near $47,000 on Binance at the time of writing.<\/p>\n<p>The repeated dips had failed to unsettle market participants, who now turned to the prospect of an abrupt move up or down in the coming weeks. Volatility in a time of flat funding rates and record-high open interest on derivatives markets, they had said Tuesday, was all but a given.<\/p>\n<p>&#8220;Think we enter a volatility squeeze by end of the month,&#8221; analyst William Clemente forecast in part of comments on Bitcoin&#8217;s Bollinger band chart.<\/p>\n<p>A popular indicator which Clemente acknowledged as one of his &#8220;favorite&#8221; tools, Bollinger bands use two standard deviation bands around the Bitcoin spot price to assess when volatility is likely to come.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/e1849278-c23d-4f80-9930-bd533cbbcd81.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD with Bollinger bands annotated chart. Source: William Clemente\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The question this week, however, was whether the move would be up or down.<\/p>\n<p>&#8220;If we get that same setup from late July and initial pop down to low 40s out of a squeeze I will def be a buyer there,&#8221; Clemente added during a discussion on the outlook.<\/p>\n<p>A further post unveiled the likely cause of the $45,550 dip \u2014 a trader&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1478444415526055937\">failed attempt<\/a> to short the lows and a subsequent buyback.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/a9e2d2c6-34f7-4d89-9e84-df104d54fb74.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin volatility index chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Red_herring_candles\"><\/span>Red herring candles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Those looking for upside meanwhile highlighted macro factors. Inflation, running hotter than anticipated, had not been fully reacted to by Bitcoin yet.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin exchange balances trend back to historic lows as BTC withdrawals resume in January<\/em><\/strong><\/p>\n<p>&#8220;View-wise, we are still holding out for an upside move in the near-term,&#8221; trading firm QCP Capital wrote in its latest update to Telegram channel subscribers. <\/p>\n<blockquote><p>&#8220;Looking at the 10-year breakeven inflation rate (which has historically had a high correlation with BTC), there has been a material divergence since end-December&#8230; If BTC plays catch up here we could see the move towards 60,000.&#8221;<\/p><\/blockquote>\n<p>Inflation cues are due next week with the publication of December&#8217;s consumer price index (CPI) data.<\/p>\n<p>&#8220;Never once BTC looked like this when it ended its bullish cycle. NEVER, since its inception,&#8221; an even more bullish Galaxy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/galaxyBTC\/status\/1478383392106463234\">continued<\/a> Tuesday.<\/p>\n<blockquote><p>&#8220;It always drops sharply without much recovery.&#8221;<\/p><\/blockquote>\n<p>Galaxy was observing periods of consolidation following price tops throughout Bitcoin&#8217;s history, concluding that the $69,000 top in November could not logically form a multi-year high.\u00a0<\/p>\n<p>&#8220;We are in a consolidation before the next massive move to the upside,&#8221; he added.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/galaxyBTC\/status\/1478383392106463234\/photo\/1\"><\/a><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/1e1dfba3-0f00-4b59-af82-5ee538fc94a3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Galaxy\/ Twitter<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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-reaches-for-47k-as-analysts-agree-btc-price-consolidation-cannot-last\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last &#8221; Bitcoin (BTC) recovered from new lows of $45,550 on Jan. 5 as analysts waited patiently for a &#8220;squeeze&#8221; to trigger fresh volatility. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst weighs prospect of &#8220;fakedown&#8221; towards $40,000 Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":389852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNGI0ZjI5N2QtZGY5OC00NmI3LWJmYTEtMmUyZTQ0YTdjMTQ2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-389851","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\/389851","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=389851"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/389851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/389852"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=389851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=389851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=389851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}