Bitcoin has stalled, but here’s why professional traders still expect a price of $ 80,000 in January

© Reuters. Bitcoin has stalled, but here’s why professional traders still expect a price of $ 80,000 in January

Selecting a time frame for technical analysis is always a tricky business, but typically, the longer the trend, the more likely it is to prevail. For example, those looking at the 3-day chart of () will undoubtedly identify an ascending channel pattern that started in late June.

Bitcoin price price chart in USD (FTX). Source: TradingviewBears will also always find ways to justify their opinions despite the fact that Bitcoin has reached new all-time highs following the surge in US consumer prices to 6.2%, which is the largest increase in inflation in 30 years.

However, data from on-chain analytics company Glassnode shows that long-term investors have stopped accumulating BTC and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net sale by this class of investors was the first in 6 months, indicating a “force sell” movement.

Read the full article on Cointelegraph

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Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Phone : +1 281-333-2229

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