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HomeNewsBitcoin shows no strength, looks weak - is the upward trend over?

Bitcoin shows no strength, looks weak – is the upward trend over?




The Bitcoin bulls have so far not been able to give the price any new momentum. What does Bitcoin expect in the short term, what applies to the long-term forecasts?

Is the upward trend ending?

Bitcoin is currently undecided again when it comes to price action: Although the number 1 cryptocurrency by market capitalization tried yesterday to move above the resistance at $ 49,000, it failed at around $ 49,300.

As a result, BTC initially withdrew below the support at $ 48,500 and eventually fell through $ 47,500 and $ 47,000. BTC then traded in the mid-range of $ 46,500 for a while and then began to rise again slightly.

BTC is currently consolidating at $ 47,380. The big question now, of course, is: How does it go from here for the reserve currency? Is BTC moving to support at $ 42,000 – or is it possible to retest the $ 50k range at short notice?

Bitcoin’s weekly chart shows the sharp decline below the local highs. Source: Coinmarketcap.com

The pseudonymous trader @CryptoTony_ expresses himself in a recent tweet tends to be bearish about bitcoins further prospects. Bitcoin must first regain its resistance zone and move to the support area, the industry observer said to his more than 98,000 followers:

“At the moment I tend to be bearish unless we can retake the resistance zone and turn back to support. We also have to consider increased sales pressure and the formation of a possible head-and-shoulders pattern … Time will tell. “




Background head and shoulders pattern: The so-called head-and-shoulder pattern (“Head and Shoulder”) is a chart that emerges at the peak of a rising trend. It indicates that the uptrend is coming to an end. This fear is now also expressed by CryptoTony_.

Other traders and analysts seem to see it similarly. Bitcoin is now apparently playing again the waiting game: There are not enough clear signals to be able to predict with certainty a short-term direction or a change in trend. So we have to wait until that changes.

Adam Back: $ 100k by the end of the year is possible

Regardless of Bitcoin’s short-term prospects, a well-known personality in the industry is currently very optimistic about the long-term price development in 2021: Blockstream CEO Adam Back. Back was involved in the development of Bitcoin, some even consider him BTC inventor Satoshi Nakamoto. Back denies that – But the fact is: The programmer was the third person to ever receive Bitcoin.

In an interview with Bitcoin bull Anthony “Pomp” Pompliano, Back now comments: It is “quite possible” that Bitcoin will rise to 100,000 dollars and beyond in 2021. He also likes the comparison that BTC is a gold competitor – and “in many ways” is even a “better physical gold”.

Based on this comparison and Bitcoin’s rarity compared to gold, the Bitcoin price could rise to “hundreds of thousands … maybe even half a million on this basis alone,” said Back.

You can watch the entire interview with Adam Back here.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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