The wider cryptocurrency market continued to see choppy, sideways price action on Jan. 17 with Bitcoin (BTC<\/a>) experiencing a midday dip to $41,650. Across the market, trading volumes remain subdued and U.S. financial markets were closed in observation of the Martin Luther King Jr. holiday.\u00a0<\/p>\n Here\u2019s what analysts are saying about Bitcoin’s price action and the impact today’s correction might have on BTC’s market structure.<\/p>\n Analysis of the weekly Bitcoin price action was provided by crypto trader and pseudonymous Twitter user \u2018Rekt Capital’ who posted<\/a> the following chart showing that BTC is trading near a well-established support and resistance zone. <\/p>\n Rekt Capital said, <\/p>\n \u201cThe new BTC Weekly Close shows that the black ~$43,120 level is figuring as new resistance. Technically, BTC continues to reside at the upper region of its current $38000-$43,100 range.\u201d<\/p><\/blockquote>\n A look at the long-term trend for Bitcoin was discussed by market analyst and Cointelegraph contributor Micha\u00ebl van de Poppe, who posted<\/a> the following charts looking at the Bitcoin’s 4-waves pattern and Realized Cap HODL Waves. According to the analyst, there is a possibility that the typical 4-year cycle for BTC may be lengthening. <\/p>\n van de Poppe said, <\/p>\n \u201cHonestly, it would make a lot of sense. This cycle is longer than the previous one. The 4-year cycles aren’t happening anymore due to macroeconomic impacts. Therefore, this cycle will be higher & longer than everyone expects.\u201d<\/p><\/blockquote>\n Related: <\/em><\/strong>Bitcoin stays in tight range as analyst eyes potential ‘interesting week’ in BTC<\/em><\/strong><\/a><\/p>\n The sentiment of a lengthening Bitcoin price cycle were echoed in a tweet from crypto analyst and pseudonymous Twitter user \u2018Techdev\u2019, who posted<\/a> the following chart providing analysis of the \u201cimpulses and corrections over the cycles’ bull markets based on new address trends on-chain.\u201d<\/p>\n Compared to the previous impulse waves outlined by Techdev, Bitcoin is still due for a green shaded price breakout in the current cycle before it resets and begins the next one. <\/p>\n Techdev said, <\/p>\n \u201cAt least one more upward impulse to come in my opinion before an impulsive downtrend (bear market) begins.\u201d<\/p><\/blockquote>\n The overall cryptocurrency market cap now stands at $2.02 trillion and Bitcoin\u2019s dominance rate is 39.6%.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/b7fadedb-81d4-40d7-adde-545357eb6549.png\")
Major resistance at $43,120<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/43d8d1e4-f07e-4984-b3f9-395c4731e559.png\")
Bitcoin’s 4-year cycle is starting to lengthen<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/194b8e3b-33f2-4cfa-abe2-c6d66554fe7e.jpg\")
“At least one more upward impulse”<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/ba44689e-ba55-4865-8b03-6b4e7b76769e.jpg\")