Bitcoin (BTC) rose by $ 30,500 on May 17 amid hopes that a retest of 2017 highlights could be avoided.
$ 20,000 ‘very likely’ new test
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair moved higher after the day tentatively approaching $ 30,000.
However, within a multi-day range, the pair has yet to decide on a meaningful upward or downward trend, and volatility is reduced in the new week.
Amid fears that a major pullback could take the pair back below the 10-month lows last week, well-known analysts Credible Crypto offered a more bullish alternative. Based on historical standards, yes valorize on Twitter bitcoin had little momentum to retry $ 20,000 or less.
” The $ 13,000-14,000 argument argues that big markets in the past have led to 80% off-the-top reductions, one major assumption – that $ 65,000 was at the top of the league. “, He wrote.
“This is the same assumption made by people for $ 30,000 in June 2021 before we came together for a new $ 65,000 ATH 3 months later. »
As Cointelegraph reported, contingency plans appear to be already in place for such an event, and MicroStrategy – the company with the largest corporate cash holdings in BTC – is even ready to buy the supply to stop the slide.
When asked if the BTC / USD pair could pull back from its 2019 highs near $ 14,000 all the way to the $ 3,600 lows during the COVID-19 March 2020 crash, Credible Crypto showed its full value.
” I do not expect that. Can ? Yes, but as I said before, the highlights of the previous cycle have not been repeated – so there is little chance “, is replied.
For Cointelegraph contributor Michaël van de Poppe, it’s about seeing the US dollar slowly against other fiat currencies to give breathing space to dangerous assets.
The US dollar (DXY) index, he predicted, is expected to fall back from its 20 – year highs at 105 points.
“ If I look at the current state of $ DXY, I think we will follow this scenario. Assuming we see a corrective move, the highlights are swept for liquidity. We are down 103.7 points and I think we will be under more pressure → risk assets are up “, is tweeted May 16th.
Echo the mood after March 2020
Market sentiment data show the consensus of most in the cryptocurrency industry that anything can happen now, with a firm bias at the bottom.
Read also: The first seven – week series of losses in history – 5 things to know about bitcoin this week
The Fear and Saint Cryptocurrency Index, an inter-market sentiment gauge, hit 8/100 on May 17, its lowest reading since March 28, 2020, two weeks after the fall due to the lock-in of the coronavirus.
Then, as now, the BTC / USD pair was already recovering from its lows. At $ 30,500, the pair was up 28% from the previous week.
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