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Bitcoin Bulls and Bears Wrestle for Control Between $38-46k Pivotal Range, Analyst Shares Two Possibilities For BTC Price

Felix Küster Felix Küster
January 17, 2024
Analyst Shares Time Frame When Bitcoin Should Create An All-Time High, Highlights When BTC Pre-Halving Will End

According to crypto analyst Mac, Bitcoin price action over the coming sessions warrants careful observation following its nearly 100% rally off the 2023 low.

After such a meteoric move, he anticipates a healthy pullback and consolidation between approximately $40 and $38,000 before directional resolve emerges.

Trader Michaël van de Poppe of MN Trading also eyes the potential for short-term ranging as ETF-fueled exuberance fades temporarily from Bitcoin, with possibly $40–41k representing downside support while $46k caps as resistance.

This anticipated $38-46k zone commands significance because its outer bounds match closely with the 50% and 61.8% fibonacci retracement levels of the entire parabolic move off the June 2022 lows to the heights of nearly $69k.

Hence, from a technical perspective, this area forms the balance point where bulls and bears determine the next phase of momentum. With oscillators cooling and uncertainty creeping into markets amidst rising macro risks, a neutral vacuum makes sense before a breakout or breakdown.

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While the launch of spot BTC ETFs sparked intense optimism, historically, major announcements served as temporary euphoria peaks before trends reversed, as is common in bitcoin markets. This backdrop explains the likelihood of directional uncertainty in the interim.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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