- The Bitcoin price continues to be volatile and stands at $37,245 at the time of writing.
- Experts are divided on whether Bitcoin will continue its bull run or whether there will be a correction to as low as $29,000.
Bitcoin continues to move sideways and shows high volatility. Within the last 24 hours, the price recorded a gain of 2.74%, to a price of $37,245. The market capitalization has risen to USD 685 billion and Bitcoin dominance has slightly increased again to 66.27%.
Bitcoin trader “yTedd” warns that Bitcoin could be drawing a bullish chart pattern now, only to enter a sharp correction afterwards. In this scenario, the “weak hands” would be weeded out and the price would fall further through panic selling. The whales could re-buy cheaply and subsequently drive the price up to $50,000.
I agree here 👀
Would make sense for bitcoin to:
— yTedd (@TeddyCleps) January 19, 2021
“Jonny Moe”, on the other hand, predicts that Bitcoin has almost finished the consolidation phase and after that it could test the $50,000 mark in the next few months. In his opinion, only after reaching this psychologically important mark will a strong correction follow, during which Bitcoin could fall in price by up to 50%, causing a major wave of panic selling.
This is a very promising curl up attempt for $BTC.
I'm still skeptical we've had enough of a consolidation/pullback period, but can't argue with the chart.
Maybe we need to go test $50k before the larger pullback. Large psychological numbers matter. pic.twitter.com/ko3iJayglb
— Jonny Moe (@JonnyMoeTrades) January 18, 2021
“CRYPTO₿IRB”alsodescribes that Bitcoin will continue to rise in 2021 as fundamentals remain bullish. He believes a price rise to $50,000 by the middle of the year is realistic, but Bitcoin will first need to crack the strong resistance along the $42,000 level to do so. Ethereum could also reach a new all-time high in the coming weeks and could even rise more than Bitcoin, according to the analyst.
— CRYPTO₿IRB (@crypto_birb) January 18, 2021
“Cantering Clark” also states that Ethereum has a stronger upside and could soon crack the former all-time high of USD 1,450. In his opinion, more and more institutional investors will enter Bitcoin and Ethereum, acting as a catalyst to push prices higher.
ETH pulling BTC up.
Could see a big move here.
— Cantering Clark (@CanteringClark) January 19, 2021
In turn, professional trader “Salsa Tekila” has sold all his Bitcoin at $37,100 and expects the price to fall again in the price range between $34,000 and $29,000. According to him, Bitcoin can attract new buyers only after this correction and target a new all-time high far from the $42,000 mark.
/2 I cut everything at 37.1k, just going to enjoy the ride.
— SalsaTekila (@SalsaTekila) January 19, 2021
Cryptoquant CEO Ki Young Ju also expects a correction, as according to his data, some well-funded investors have transferred large amounts of BTC to Coinbase and may sell their holdings in the coming days. He advises his followers to be vigilant as this is a good entry point to buy bitcoin cheaply.
Fund managers are investing more in bitcoin
UK-based fund manager Ruffer Investment revealed that their Bitcoin positions are up 90% at this point. This means that the investment giant has been buying bitcoin below the $20,000 mark. The company still owns 4009 shares of MicroStrategy and 350,000 shares of Galaxy Digital. While these shares have outperformed Bitcoin by 10%, MicroStrategy’s shares have only risen sharply after CEO Michael Saylor instructed it to buy $1.2 billion worth of Bitcoin.