Crypto analysts browsing the daily chart are updating their analysis to explain the market’s lack of momentum. Bitcoin (BTC) failed to fool anyone with the $40,000 crossover on April 15 as analysts remain firmly at risk in BTC.
Bitcoin bounces back to key 2022 Fib level
Data from TradingView showed BTC/USD bouncing modestly after returning to the $39,500 region on April 14. The move erased a bullish impulsive move from the start of the week and nevertheless underlined the lack of bullish market momentum. Noticeable demand for Bitcoin among institutional buyers.
For Crypto Ed, whose analysis we shared as Cryptokoin.com, there was reason to believe that more negativity would emerge soon. He said that the current levels, which warned viewers in his latest YouTube update, are not a suitable basis for a long position. I will be very careful here with next weekend,” he summarized.
In the event, BTC/USD reached around $40,400 before trading at around $40,150 on April 15. Meanwhile, market commentator Miles Johal noted that Bitcoin is now interacting with the 0.75 Fibonacci level, which is a support feature throughout 2022.
What levels does the super cycle refer to?
Elsewhere, excitement about the so-called “super-cycle” of the Bitcoin concept has been fueled once again. The previously popular concept revolves around seeing BTC price action as a product of roughly four-year halving cycles. Some analysts explain this as why the 4th quarter of 2021, the year after the halving of Bitcoin’s most recent block subsidy, did not produce the “blow-off top” common in the previous post-halving years.
Instead, BTC/USD may just be in a consolidation phase and much of its rise could still continue. “Maybe we just never got to the top… because it hasn’t happened yet,” says Josh Olszewicz, head of research at alternative asset management firm Valkyrie.
The supercycle comparison chart above was first posted on Twitter earlier this week. The table shows the variation of supercycles over time.
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