Bitcoin price drops below 42 thousand dollars

Bitcoin price returned to free decline as price fell to $41,200, but analysts are still waiting for “another bullish impulse”

The broader cryptocurrency market continued to see sideways and choppy price action on January 17, with Bitcoin (BTC) seeing a midday drop to $41,650. Across the market, trading volumes remained thin and US financial markets were closed with the Martin Luther King Jr holiday celebrated.

Major resistance at $43,150

“Bitcoin’s new weekly close shows that the black level around $43,150 is emerging as new resistance. Technically, Bitcoin continues to reside in the upper region of its current $38,000-$43,100 range.

Bitcoin's 4-Year Cycle Begins To Lengthen

A look at the long-term trend of Bitcoin is discussed by market analyst and Cointelegraph contributor Michael van de Poppe, who has published the following two charts looking at Bitcoin's four-wave pattern and the waves of value held in the coins. According to the analyst, there is a possibility that the typical four-year cycle for Bitcoin will be longer

“Honestly, it would clarify a lot of things. This course is longer than the previous one. Four-year cycles no longer occur due to macroeconomic effects. Therefore, this cycle will be higher and longer than everyone expects.”

“At least one upward push”

The feeling of a prolonged Bitcoin price cycle was echoed in a tweet by crypto analyst and Twitter user pseudonym “Techdev,” who posted the following chart providing an analysis of “motives and corrections on cyclical bull markets based on trends of new on-chain headlines.”

Compared to previous impulses identified by Techdev, Bitcoin has yet to break through the green shaded price in the current cycle before resetting and starting the next.

As Techdev said,

“There is at least one uptrend coming in my opinion before an impulsive downtrend (bear market) starts.”

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