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Bitcoin’s $53K BTC Price Barrier Could Drive People Crazy

by Logan King
Bitcoin's $53K BTC Price Barrier Could Drive People Crazy

Future BTC price movements will likely benefit investors rather than short-term traders, according to well-known individuals.

Influential analysts said on December 6 that Bitcoin may spend months fluctuating between recent lows of $42,000 and $53,000 and generate panic.

Scott Melker, a.k.a. “the Wolf of All Streets,” commented on the Bitcoin price prognosis on Twitter by claiming that the current range-bound behavior would continue well until 2022.

Bitcoin Price Bottoms May Drop Even Farther

BTC/USD is generating gloomy sentiment this week after failing to recover even $50,000 following last week’s fall.

Melker joined those avoiding the exorbitant short-term price projections that were formerly commonplace while emotion sat deep inside the extreme fear zone.

A subsequent post estimated that such price action would take place over a few months.

Their remarks resemble those of well-known trader Pentoshi, who made headlines on December 6 while admitting that Bitcoin may yet drop to $30,000.

By default, BTC/USD would be back at its beginning point from 2021 and more than 50% below the year’s highs.

Trading with a Reasonable Discount

The Wall Street opening on December 6 meanwhile had little effect on Bitcoin, with markets remaining largely stable and stocks making a slight upward movement.

Proponents sought indications as to whether the market was fairly priced during the sell-off as opponents attacked Bitcoin’s purported inability to serve as a store of value.

The on-chain data spoke for itself, according to expert Willy Woo.

SSV considers the last time on-chain demand matched current levels, with the inference being that prices ought to be higher in the present situation.
Woo had earlier mentioned that small-scale investors upped their exposure to Bitcoin (BTC) along with the most recent downturn.

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