Bitcoin could ‘drive people nuts’ for months with $53K BTC price ceiling — analyst

A screenshot of a video game on a table Bitcoin

Bitcoin could 'drive people nuts' for months with $53K BTC price ceiling — analyst

Investors, not short-term traders, will be the likely beneficiaries of upcoming BTC price moves, popular names agree.

Bitcoin (BTC) may spend “months” ranging between recent $42,000 lows and $53,000 and cause panic in the process, popular analysts warned on Dec. 6.

Discussing the BTC price outlook on Twitter, Scott Melker, known as the Wolf of All Streets, said that ranging behavior could last well into 2022.

Bitcoin price bottoms could sink still deeper

After failing to reclaim even $50,000 after last week’s crash, BTC/USD is spawning bearish sentiment this week.

As sentiment sits deep within in the “extreme fear” zone, Melker joined those steering clear of the sky-high short-term price predictions that were previously ubiquitous.

“My general view. >53K again resumes the bullish case. summarized.

That would place BTC/USD de facto back at its 2021 starting position and over 50% down against the year’s all-time highs.

“Trading at a decent discount”

Dec. 6’s Wall Street open, meanwhile, had barely any impact on Bitcoin, markets remaining comparatively steady as stocks saw a light move higher.

As critics took aim at Bitcoin’s alleged lack of ability to act as a store of value, proponents looked for clues as to whether the market was fairly valued after the sell-off.

For analyst Willy Woo, the on-chain data said it all.

“We’re currently trading at a decent discount,” he revealed, highlighting the Bitcoin Supply Shock Valuation (SSV) metric.

SSV looks at the last time on-chain demand matched current levels, with the implication being that prices should be higher under current circumstances.

Woo had previously noted that the most recent dip was accompanied by smallscale investors increasing their BTC exposure.

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