The broader cryptocurrency market continued to see volatile, sideways price action on January 17, with Bitcoin ( BTC ) falling to $41,650 by midday. Trading volumes remain limited across the market, and U.S. financial markets were closed in observance of the Martin Luther King Jr. holiday.
Analysis of Bitcoin's weekly price action was conducted by cryptocurrency trader and pseudonymous Twitter user "Rekt Capital," who published the chart below showing that BTC is trading near a well-established support and resistance zone.
"The new weekly close of BTC shows that the black level of ~$43,120 is being treated as new resistance. Technically speaking, BTC is still in the upper region of the current range of $38,000 to $43100."
A look at the long-term trend for Bitcoin was discussed by market analyst Michaël van de Poppe, who published the following charts showing Bitcoin's 4-wave pattern and Realized Cap HODL Waves. According to the analyst, there is a possibility that the typical 4-year cycle for BTC could extend.
"Honestly, it would make sense. This cycle is longer than the previous cycle. 4-year cycles don't happen anymore because of macroeconomic effects. Therefore, this cycle will be higher and longer than everyone expects."
The sentiment related to Bitcoin's lengthening price cycle was echoed in a tweet by cryptocurrency analyst and pseudonymous Twitter user "Techdev," who posted the chart below showing an analysis of "pulses and corrections in cycle highs" based on new address trends: chain."
Compared to previous impulse waves presented by Techdev, Bitcoin is still waiting for the price to break out with a green shadow in the current cycle before it resets and starts the next cycle.
