Analysts expect a change in Bitcoin trend

The commotion over a $100,000 price for Bitcoin (BTC) has faded since it failed to hold its own at the price record of around $69,000. Traders are not completely baffled, however. At the moment, most analysts consider the current price range as an optimal accumulation zone.

Bitcoin expectations

Over the past week, markets have been a little shaky. This is due to the fact that investors around the world became increasingly nervous about the December 15 Federal Open Market Committee meeting. However, the confirmation that the Federal Reserve would implement three rate hikes and phase-out in 2022 seems to be positive.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin remains above USD 47,000. Following Chairman Powell’s statement, the price rose about 0.55% and now stands at $49,000.

The image above shows what market analysts expect from the Bitcoin price now that the Fed’s 2022 policy intentions are known.

Solid support near USD 46,500

A more detailed analysis of the recent price action came from options trader and Twitter user John Wick. He posted the following chart highlighting the bullish and bearish reversals that have been occurring over the past two weeks.

BTC/USDT 4-hour chart. Source: Twitter

According to Wick, Bitcoin’s recent price action has provided solid base support. It is represented by the yellow horizontal line at $46,588. This line is called a “phase 1 base”.

“We can expect volatility to increase. The next thing I’m focusing on is an upcoming squeeze. This could turn out just like it did in July after we focused on phase 1 support. The next stage is fire.” According to Wick.

Volatility is part of the price

Compared to historical price action after all-time highs, the current volatility in the market is nothing to worry about. Said independent market analyst Rekt Capital, who tweeted that the market has seen similar declines in previous bull markets.