On January 17, the cryptocurrency market continued to see erratic sideways price movements, with Bitcoin (BTC) falling to $41,650 in the evening.
Trading volumes remain low and US financial markets were closed for the Martin Luther King Jr. holiday.
A crypto trader and Twitter user under the pseudonym “Rekt Capital” has published a chart that shows that Bitcoin is trading near a well-established support and resistance zone.
BTC’s new weekly close shows that the ~$43,120 black level is acting as new resistance. Technically, BTC continues to be at the top of the current $38,000 to $43,100 range.
The new #BTC Weekly Close shows that the black ~$43120 level is figuring as new resistance
— Rekt Capital (@rektcapital) January 17, 2022
A look at the long-term trend of bitcoin was discussed by market analyst and Cointelegraph contributor Michael van de Poppe, who posted charts that look at the 4-wave pattern of bitcoin and Realized Cap HODL waves. According to the analyst, there is a possibility that the typical 4-year BTC cycle could lengthen.
I think it makes sense. This cycle is longer than the previous one. Four-year cycles no longer occur due to macroeconomic consequences. Therefore, this cycle will be higher and longer than everyone expects, the analyst believes.
Honestly, it would make a lot of sense.
This cycle is longer than the previous one.
The 4-year cycles aren’t happening anymore due to macroeconomic impacts.
Therefore, this cycle will be higher & longer than everyone expects.#Bitcoin is bull.
— Michaël van de Poppe (@CryptoMichNL) January 17, 2022
Feelings about the lengthening of Bitcoin’s price cycle are reflected in a tweet by a cryptanalyst alias “Techdev” who provided a chart that analyzes “momentums and corrections during bull market cycles based on new network address trends.”
Compared to the previous impulse waves described by Techdev, Bitcoin still has to break through the green shaded area, then it expects to decline:
In my opinion, before an impulsive downtrend (bear market) begins, there must be another upward impulse.
How I see #Bitcoin impulses and corrections over the cycles’ bull markets based on new address trends on-chain.
At least one more upward impulse to come in my opinion before an impulsive downtrend (bear market) begins. pic.twitter.com/09dQr83xO9
— TechDev (@TechDev_52) January 17, 2022
Currently, the total market capitalization of cryptocurrencies is $ 2.1 trillion, the level of dominance of bitcoin is 37.5%.
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