Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

BTC price dropped below $56,000 again, leading analysts to discuss various bull and bear scenarios for Bitcoin’s short term price action.

Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (

Historical analysis suggests Bitcoin price may have bottomed

A final bit of insight was offered by analyst and pseudonymous Twitter user ‘TechDev’ who posted the following charts comparing the 2017 price action for Bitcoin with the current market.

2017 BTC price action vs. 2021 BTC price action. Source: Twitter

According to TechDev, the current correction is “following 2017’s mid-Nov to near perfection” with the “only minor difference” being “a break of the 50-day simple moving average (SMA).”

TechDev said,

“We may not have bottomed, but it is close. Everything I am seeing suggests a high probability the next 5-15 weeks will be massive (including BTC and alt mania).”

The overall cryptocurrency market cap now stands at $2.51 trillion and Bitcoin’s dominance rate is 41.9%.

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.

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