- Analysts are eyeing the approach of a final capitulation
- Will Bitcoin make or break in the near-term?
- Bitcoin might continue in this trend until the New Year
Bitcoin News Today – After a little upsurge last week, Bitcoin (BTC) spent almost the whole weekend consolidating. The digital currency has been somewhat flat over the past few days. Some industry analysts are now considering the unpopular idea of a final capitulation approaching, which would reflect movements from this time last year.
Will Another Final Capitulation Set In?
The digital currency markets were lifted on Friday, which pushed the price of BTC towards $7,600 on Saturday. A dip to $7,400 on Sunday was quickly recovered and BTC has been trading around $7,500 for the better part of the last two days. Since BTC plunged enormously on Nov. 25, the digital currency has been at this level with very little momentum to take it higher. There have been two green weekly closes, but none of them was close enough to cancel out the massive red candles last month.
Bitcoin (BTC) Price Today – BTC / USD
There are currently mixed sentiments in the market, with some analysts eyeing the possibility of another final capitulation as charts are starting to mirror patterns last seen in December 2018 when the price of BTC plunged to the $3k area.
Jacob Canfield – crypto analyst and trader – polled some of his followers to gauge sentiments of two opposing groups of BTC bears and bulls.
Bitcoin opened and closed within a half of a percent yesterday.
There are currently two groups of people I see currently:
📉1: This feels like November Before the massive break down
📈2: This feels l like December at the bottom
Which one are you?
— Jacob Canfield (@JacobCanfield) December 8, 2019
Unsurprisingly, just 53 percent of the 1,804 respondents, at the time of writing, voted for a short-term bounce. The rest of them are saying that the digital currency would break down to new lows. Another measure of sentiment is the Bitcoin fear and greed index, which still points to a fear of 28 at the moment.
Any downward move from this point will likely push BTC price to $6,500 first. Nevertheless, a final capitulation could see the price of BTC dump to the $5k range, which is where the 200-weekly moving average lies.
Will Bitcoin Halving FOMO Restore Prices?
Eventually, as mathematical scarcity notion takes a grip, Bitcoin halving FOMO will start kicking in. There is usually a rally that occurs prior to the event, but we still have about six months to go. Responding to a chart comparison, Josh Rager – analyst and trader – pointed out that this still feels like the accumulation phase that happened last year.
— Josh Rager 📈 (@Josh_Rager) December 9, 2019
It is also possible that the digital currency might continue to trade sideways until after the New Year, as traders take a break over the festive period. Nevertheless, if history repeats itself, then BTC would see a big upside push prior to or after the halving event.