Bitcoin has stalled, but here’s why professional traders still expect a price of $ 80,000 in January


© Reuters. Bitcoin has stalled, but here’s why professional traders still expect a price of $ 80,000 in January

Selecting a time frame for technical analysis is always a tricky business, but typically, the longer the trend, the more likely it is to prevail. For example, those looking at the 3-day chart of () will undoubtedly identify an ascending channel pattern that started in late June.

Bitcoin price price chart in USD (FTX). Source: TradingviewBears will also always find ways to justify their opinions despite the fact that Bitcoin has reached new all-time highs following the surge in US consumer prices to 6.2%, which is the largest increase in inflation in 30 years.

However, data from on-chain analytics company Glassnode shows that long-term investors have stopped accumulating BTC and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net sale by this class of investors was the first in 6 months, indicating a “force sell” movement.

Read the full article on Cointelegraph

Legal warning: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

About Admin

Check Also

A 22-year-old man became a surprise millionaire thanks to his huge collection of selfies

2021 has been the year of technology blockchain, cryptocurrencies and NFTs. And it seems that ... Read more

Leave a Reply

Your email address will not be published. Required fields are marked *