Bitcoin traders expect USD 60,000 by the end of the month, which marks USD 45,000 as the “accumulation zone”
The declining pressures that the crypto market faced in late 2021 has continued into the first week of 2022 after the price of Bitcoin on Jan.
Data from TradingView shows that Bitcoin price fell on December 3rd after climbing above $ 47,500 in preparation for the New Year.
BTC / USDT 4 hour frame chart | Source: TradingView
This is what some analysts say about BTC ‘s path in 2022 as the global economic system continues to struggle with inflation.
Bitcoin has to go back even support $ 48,670
When analyzing the weekly price development of BTC , the trader “Rekt Capital” post the chart highlights key areas of support and resistance at $ 48,670.
BTC / USDT 1 week frame chart | Source: TradingView
As shown in the graphic above, ” BTC successfully retested the black diagonal as a support” and “three weeks in a row,” said Rekt Capital.
The New Years weakness has kept Bitcoin below the support area marked by the red horizontal line. Rekt Capital thinks this is a potential target to watch out for in the near future.
“However, the recent weekly close means that the red horizontal line ($ 48,670) is no longer supported. Bitcoin could soon bounce back to reclaim the red as support. ”
Looking for $ 46,000 short term
Bitcoin’s current weak price action was also highlighted by analyst Michaël van de Poppe in a tweet suggesting that a rejection at $ 48,000 could pull the price below $ 46,000.
#Bitcoin declined at the $ 48,000 level leaving it still looking for support to be hit.
If you look at the region at $ 46,000. pic.twitter.com/z0v88Ls58v
– Michaël van de Poppe (@CryptoMichNL) January 3, 2022
“ BTC was rejected at $ 48,000 and is still finding support below that level. Look out for $ 46,000. “
Despite the short-term struggles, BTC’s long-term outlook remains optimistic for many investors. Among them is analyst GalaxyBTC, who post The following graphic outlines a possible outbreak in the first quarter of 2022.
“The Bitcoin outbreak is only a matter of time and the longer it lasts, the harder it pumps. Q1 has just risen. “
BTC / USDT 6 hour frame chart | Source: Twitter
Evidence of bullish cup-with-handle pattern formation
The positive outlook for Bitcoin expressed by GalaxyBTC was reiterated by trader Bobby Axelrod, who post The following graphic outlines the course of the cup-grip formation on the Bitcoin chart in the coming months.
“The grip will grow in these directions: $ 58,000- $ 60,000 in mid to late January; falls to $ 48,000 to $ 50,000 in the first week of February; Retest ATH in late February or early March; A small pullback in early March, followed by a boom. ”
BTC / USDT 1 Day Frame Price Chart | Source: Twitter
The total crypto market cap is currently $ 2.234 trillion and the dominance of Bitcoin is 39.6%.
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