Bitcoin’s rally to recover losses is hampered by $48K and $49K resistance levels.
According to prominent crypto trader Michael Poppe, prospective Bitcoin investors would do well to study current short-term resistance and support levels. Resistance levels are points on a bitcoin price chart where the upward price movement is hampered by an inclination to sell the asset. The asset owner may choose to sell, since once the price hits the resistance level, it may drop again. Similarly, a support level is a level at which buyers will buy before the price increases above that level. Good trading opportunities arise when support or resistance levels are broken.
Poppe opines that bitcoin needs to break through the resistance levels of $48K and $49K to rally above $51K. The current $46K and $47K support levels provide a solid foundation for reclaiming recent losses and starting a bullish trend. Poppe believes that if bitcoin loses the $46K and $47K support levels, it can find support at $41K to $42K. BTC dropped between Dec. 27, 2021 and Jan. 2, 2022, and fell to a low of $45.678 in the process.
Bullish predictions for 2022 for BTC
CoinMarketCap.com’s cryptocurrency community is known for its accuracy in predicting bitcoin’s price. The community has been 90.75% accurate in the past. They now expect that bitcoin will trade at $52K in Jan. 2022. A total of 77201 community members predict a minor correction back to $51560 in February. As BeInCrypto reports BTC’s RSI, which is a momentum indicator, suggests a neutral trend.
Nexo founder Antoni Trenchev revealed that he is bullish on bitcoin, considering its rally of close to 1000% in 2020 and 63% in 2021. He believes that it should reach $100K by the end of the year due to institutions “building out their treasuries, filling it with bitcoin,” and due to more significant macroeconomic trends that allow crypto to be an inflation hedge and “gold 2.0.” Trenchev is impressed with how far bitcoin has come in the 13 years since its inception as a store of value and a medium of exchange, and is convinced that it can boost economies with problems.
Not everyone is optimistic
Carol Alexander, a professor of finance at Sussex University, said she anticipates bitcoin to drop to $10K in 2022. She is bearish because she believes that bitcoin has “no fundamental value” and serves as a “toy” more than an investment. She uses bitcoins drop to $3000 from $20000 in 2018 as a point of departure for her argument.
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