Bitcoin’s rally to recover losses was hindered by the $48K and $49K resistance levels.
According to leading crypto trader Michael Poppe, potential bitcoin investors would do well to study the current short-term resistance and support levels. Resistance levels are points on the bitcoin price chart where upward price movement is interrupted by an asset’s selling bias. The asset owner may choose to sell, as once the price reaches the resistance level, it may drop again. Similarly, a support level is a level at which buyers will buy before the price moves above that level. Good trading opportunities arise when support or resistance levels are broken.
Pope believes that bitcoin needs to break the $48K and $49K resistance levels for a rally above the $51K level. The current $46K and $47K support levels provide a solid base for retesting recent losses and starting a bullish trend. Pope believes that if bitcoin loses the $46K and $47K support levels, it may find support in the $41K to $42K range. BTC fell between December 27, 2021 and January 2, 2022, falling to a low of $45.678 in the process.
Bullish Predictions for 2022 for BTC
The cryptocurrency community at CoinMarketCap.com is known for its accuracy in predicting the price of bitcoin. The community has been 90.75% accurate in the past. Now they expect bitcoin to trade at $52K in January 2022. A total of 77201 community members predicted a slight correction in February to $51560. As BeInCrypto reports BTC’s RSI, which is a momentum indicator, suggests a neutral trend.
Nexo founder Antoine Tranchev revealed that he is bullish on bitcoin, seeing a rally of close to 1000% in 2020 and 63% in 2021. He believes it should reach $100K by the end of the year as institutions “build up their coffers”. , filling it with bitcoin” and more importantly macroeconomic trends that allow crypto to hedge inflation and “Gold 2.0”. That’s how far bitcoin has come in 13 years, and it’s confident it can boost economies with no problems.
not everyone is optimistic
Carol Alexander, a professor of finance at the University of Sussex, said he expects bitcoin to drop to $10K in 2022. She is bearish because she believes that bitcoin “has no fundamental value” and acts as more of a “toy” than an investment. She uses bitcoin from $3,000 to $3,000 in 2018 as a point of departure for her argument.
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