Lacklustre trading for Bitcoin, but bull case still on above US$43,500
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It looks like Bitcoin will limp its way out of 2021, one Aussie technical analyst says — but he’s convinced that next year still looks bright for this “wonderful” new asset class.
“I think, if anything, that the question marks over crypto long-term are about regulation, and if we can some those items out of the way, then it does clear the way for a broader crypto rally,” Capolingua said.
As long as BTC stays above US$43,518, Capolingua said he still sees the bull case staying in place for the orange coin. “If we get below that I’m starting to get more concerned.”
Close to lunchtime (Sydney time), Bitcoin was changing hands for US$47,851, down 2.6 per cent from yesterday.
“I’m not seeing any signs that you need to rush out and buy it just yet,” he said.
A close above US$51,012 would be a buy signal, Capolingua said.
He also highlighted Terra (LUNA) and Avalanche, the No. 10 and 11 cryptos by market capitalisation, as two up-and-comers that are gaining on No. 5 Solana in terms of total value locked (TVL) on the platform.
“They’re not 150 or 200 (coins by market cap), they’re well known, real use cases, and they are really nipping at the heels of both your Ethereum and your Solana there,” he said.
Overall the crypto market was at US$2.2 trillion, down 2.10 per cent from 24 hours ago.
Ethereum was changing hands for US$3,982, down 1.7 per cent.
The aforementioned Solana and Avalanche were both basically flat, at $180 and $104, respectively, while Terra was up 4.8 per cent to $65.19.
Yearn.Finance was the biggest gainer in the top 100, rising 17.9 per cent to US$24,419, while Elrond was the biggest loser, falling 8.7 per cent to US$276.05.
None of the top 30 coins had moved more than five per cent, making it an unusually quiet day in the generally volatile crypto markets.
It’s not a ‘dip’ or a mega bull run back on. We at mid of a range we are likely to chop in a while longer https://t.co/doyAQLktkm
— crypt0gyp5y🔺️(3,3)(4,4)⏱ (@th3crypt0gyp5y) December 16, 2021