“Expect Bitcoin to bounce around the $3k - $5k range,” Atlas Quantum Weekly Insights
|- The “Crypto Winter” has finally caught up with the crypto market as declines progress.
- Bitcoin price is likely to stick in the range of $3k - $5k according to Atlas Quantum.
It is that time of the yeas where most countries in Europe and other regions are struggling with the winter season. The season is likely to last for at least three months in most regions but some areas have extended winter seasons running for at least 6 months. The situation is not very different in the cryptocurrency sphere. That time for the “Crypto Winter” has finally caught up with us and looks like it is going to be an extended winter period. The ongoing selloff in the market started mid-November and has entered the first week of December. The market is yet to hit the bottom in order to allow a reversal to occur.
Bitcoin price explored the yearly lows this week, although the asset value managed to correct higher. The price was, however, rejected at $4,000 leading to a bear correction that formed lows of $3,631.78. There was a bullish bunce as discussed in an earlier published price analysis but the trend was not sustainable, turning bearish again at $3,844.69. BTC/USD is currently trading at $3,729 while holding tight to the 23.6% Fib retracement level taken between the last high at $4,032.56 and the lows of $3,633.57 as a support. There is a second vital support at $3,700 while the major support at $3,500 is the line in the sand, for now.
The team at the Brazil-based Atlas Quantum along with their CEO, Rodrigo Marques have released their weekly crypto investment insights. Atlas Quantum is a leading investment platform that has client roots in more than 50 countries around the world. On their take on Bitcoin performance at the moment and in the near future, the team states that:
“Range trading will continue, although Bitcoin made a higher low around $3,850 which is a good sign – but downside risk remains. We’re sticking with our forecast from last week: expect BTC to bounce around the $3k-$5k range for the next few months.”
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