• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis BTC

Why This Economist Expects Bitcoin to Range Before Seeing a Breakout to $50k

Cole Petersen by Cole Petersen
1 week ago
in BTC
Reading Time: 2min read
Bitcoin
Advertisement
Listen to Article
  • Bitcoin has been caught in the throes of immense volatility as of late, with buyers losing their edge over its price action
  • The cryptocurrency is now, once again, drifting down towards the lower-$30,000 region, which is around where it has been trading throughout the past few weeks
  • Where the entire market trends next will undoubtedly depend on Bitcoin’s reaction to its $30,000 support, as a break below here could prove to be dire for the entire market
  • One economist believes that BTC will soon see a prolonged bout of rangebound trading around its current price levels
  • He believes that this will come about before the crypto making a push towards $50,000

Bitcoin and the entire crypto market are seeing yet another influx of selling pressure, with yesterday afternoon’s rebound not being enough to fully invalidate the weakness that has been incurred as of late.

The cryptocurrency is now struggling to hold above $33,000, with it finding some slight support here as it navigates down towards $30,000.

This has created major headwinds for the aggregated market and may continue slowing its ascent in the days and weeks to come.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One economist is now forecasting some range-bound trading for BTC around its current price levels. He expects this to come about before the crypto can rally to $50,000.

Bitcoin Breaks Down as Bulls Fail to Gain Ground

At the time of writing, Bitcoin is trading down just under 6% at its current price of $33,500. This is around where it has been trading throughout the past day.

The selling pressure seen in the mid-to-upper $30,000 region has proven to be quite intense and may continue hampering its growth for days to come.

This may also place continued pressure on the aggregated market, as altcoins are all facing intense weakness at the present moment.

Economist: BTC Likely to Range Before Seeing Breakout Rally to $50,000

One popular crypto-focused economist explained in a recent tweet that he expects Bitcoin to see range-bound trading between $30,000 and $40,000 until volumes decline further.

He expects that this will be followed by a breakout rally to $50,000.

“My BTC short-term view after long deliberation and some flip flopping is rangebound in 30K-40K until the curve and vols come off a further. Then, 50K. I wouldn’t be surprised if 30K is briefly breached but the risk is to the upside. Those calling for 20K missing the big picture.”

This could mean that the recent price action is healthy and marks the end of a short-term parabolic advance rather than the end of its uptrend.

Featured image from Unsplash.
Price data from TradingView.
Tags: btcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin altcoins

Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

3 hours ago
evening star bitcoin

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

7 hours ago
Bitcoin

TA: Bitcoin Struggles Below $36K, Why BTC Could Extend Losses

23 hours ago
bitcoin peter brandt parabola breakdown

Career Trader Subtly Hints Of Bitcoin Parabola Breakdown With Fractal Diagram

1 day ago
Bitcoin

Bullish Dumping: Bitcoin Sheds Thousands Off Price as Funding Rates Reset

1 day ago
Bitcoin

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Piction Network Announces Partnership with PICA

January 21, 2021

Seascape Network to take DeFi Gaming to the Next Level with the Binance Smart Chain

January 21, 2021

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.