Bitcoin traders are expecting a price of $ 60,000 by the end of the month and mark the $ 45,000 level as a “accumulation” zone.
Analysts are forecasting a possible dip to $ 46,000 for BTC in the short term before resuming its uptrend which could see its price rise to $ 60,000 by the end of January .
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The downward pressures facing the cryptocurrency market in late 2021 have continued into the first week of 2022 after the price of Bitcoin ( BTC ) will fall below the USD 47,000 on January 1 and the asset still faces major setbacks on shorter time frames.
Data from Cointelegraph Markets Pro and TradingView show that, After rising above $ 47,500 to start the new year, the price of the crypto Neda came under pressure on Monday afternoon. Currently, the price has fallen to $ 46,500, where the bulls are now looking to mount a defense.
BTC / USDT 4-hour chart. Source: TradingView
Here’s what various market analysts say about the path ahead for Bitcoin in 2022 as the global economic system continues to grapple with inflation.
BTC needs to return to support at $ 48,670
The analysis of the weekly behavior of the price of BTC was approached by the trader and pseudonymous Twitter user ‘Rekt Capital’, that published the following graph in which highlights the main support and resistance area at $ 48,670.
BTC / USD 1-week chart. Source: Twitter
As shown in the graph above, “BTC has touched again successfully the black diagonal as support “ according to Rekt Capital, and “has done it for three weeks in a row.”
The weakness at the beginning of the year has positioned BTC below the established support zone, highlighted by the red horizontal line. Rekt Capital sees this as a potential target to look out for in the short term.
The analyst said:
“However, the recent weekly close means that the horizontal red (~ $ 48,670) has been lost as support. BTC could soon rebound in an effort to regain the red line as support. “
Targeting $ 46,000 in the short term
BTC’s current weakness was also addressed by Cointelegraph analyst and contributor, Michaël van de Poppe, who posted the following tweet suggesting that the rejection at $ 48,000 could lead the price to sink below $ 46,000.
Despite short-term setbacks for Bitcoin, the long-term outlook remains bullish for many investors. Among them is the analyst and pseudonymous Twitter user “GalaxyBTC”, that published the following graph in which outlines a possible upside breakout in the first quarter of 2022.
6-hour chart of the BTC / USDT pair. Source: Twitter
GalaxyBTC said:
“It is a matter of time for BTC to break higher, and the later, the stronger the rise. In the first quarter it has only risen “.
The formation of a bullish cup-with-handle pattern hints that we will reach the moon in March
This perspective positive for the future of BTC expressed by GalaxyBTC was seconded by the trader and pseudonymous Twitter user, “Bobby Axlerod”, who published the following graph that describes the anticipated trajectory of a cup-and-handle pattern formation on the Bitcoin chart in the coming months.
1-day chart of the BTC / USD pair. Source: Twitter
Bobby Axelrod said:
“The handle will end up looking something like this in my opinion: $ 58,000-60,000 in mid to late January; a pull back to 48,000-50,000 dollars the first week of February; hit the all-time high again in late February or very early March; small pullback in early March, then a rocket. “
Points of view and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves a risk, you must carry out your own research when making a decision.
Keep reading:
New year, same “extreme fear”: 5 things to watch out for about Bitcoin this week
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