The dynamism experienced by the bitcoin price in recent days gives an important signal.
Elon Musk, the richest person in the world, wrote Bitcoin (BTC) in his Twitter biography section on January 29, and the whole market was turned upside down. Bitcoin price first rose to $ 38,000, then returned to its previous level. As of the time of this writing, the BTC price is experiencing a consolidation of $ 34,000.
Bitcoin Price Is experiencing Consolidation
It is quite normal for the Bitcoin price to consolidate after such a sudden rise and subsequent decline. Famous crypto money analyst Willy Woo stated in his statement on the subject that there are new users every day and consolidation can actually be beneficial. According to Woo, new users are buying at these levels despite the recent bull market and the price seeing $ 41,000.
With the addition of GameStop-like events to Elon Musk's Bitcoin statement, the interest in Bitcoin and cryptocurrencies has increased more than ever.
Market Reset Before Bear Market Arrives
When looking at the data shared by Documenting Bitcoin, it is seen that a significant number of participants came to the r / Bitcoin page on Reddit. This situation may be a proof of both the success Reddit has achieved and the attention aroused by Bitcoin
Famous analyst Willy Woo stated that the Bitcoin price is now overcoming the selling pressure and will experience consolidation for a while after this level. Woo emphasized that the SOPR indicator went up to level 1 and that was literally "reset".
Normally this level is seen after heavy bear markets, now it comes directly after a small bearish period, according to Woo. The famous analyst stated that the RSI indicator is now signaling a bullish market. Analysts' next target could be $ 45,000.
