Bitcoin traders expect $60K by month’s end, marking $45K as ‘accumulation’

The
bearish
pressures
facing
the
cryptocurrency
market
at
the
end
of
2021
have
continued
into
the
first
week
of
2022
after
the
price
of
Bitcoin
(BTC)

dropped
below
$47,000
 on
Jan.
1
and
the
asset
still
faces
stiff
headwinds
on
the
shorter
timeframe
charts. 

Data
from

Cointelegraph
Markets
Pro

and

TradingView

shows
that,
after
climbing
above
$47,500
to
start
the
new
year,
the
price
of
BTC
fell
under
pressure
in
the
afternoon
on
Dec.
3.
Currently,
the
price
has
dropped
to
$46,500
where
bulls
now
look
to
mount
a
defense.


BTC/USDT
4-hour
chart.
Source:
TradingView

Here’s
a
look
at
what
several
analysts
in
the
market
are
saying
about
the
path
ahead
for
Bitcoin
in
2022
as
the
global
economic
system
continues
to
grapple
with
inflation. 

BTC
needs
to
reclaim
support
at
$48,670

Analysis
of
the
weekly
price
performance
for
BTC
was
addressed
by
crypto
trader
and
pseudonymous
Twitter
user
Rekt
Capital,
who

posted

the
following
chart
highlighting
the
main
support
and
resistance
area
at
$48,670.


BTC/USD
1-week
chart.
Source:
Twitter

As
shown
in
the
above
chart,
“BTC
has
successfully
retested
the
black
diagonal
as
support”
according
to
Rekt
Capital,
and
“has
been
doing
so
for
three
weeks
straight.”

The
weakness
to
start
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
keep
an
eye
on
in
the
near
term.

Rekt
Capital
said,

“However,
recent
weekly
close
means
that
the
red
horizontal
(~$48,670)
has
been
lost
as
support.
BTC
could
bounce
soon
in
an
effort
to
reclaim
red
as
support.”

Look
out
for
$46,000
in
the
short
term

The
current
weakness
for
BTC
was
also
addressed
by
analyst
and
Cointelegraph
contributor
Michaël
van
de
Poppe,
who
posted
the
following
tweet
that
suggests
that
the
rejection
at
$48,000
could
lead
the
price
to
slide
below
$46,000.

Despite
the
short-term
struggles
for
Bitcoin,
the
long-term
outlook
continues
to
look
bullish
for
many
investors.
Among
them
includes
analyst
and
pseudonymous
Twitter
user
GalaxyBTC,
who

posted

the
following
chart
outlining
a
possible
breakout
in
Q1
of
2022.


BTC/USDT
6-hour
chart.
Source:
Twitter

GalaxyBTC
said,

“It’s
just
a
matter
of
time
before
BTC
breaks
out,
and
the
longer
it
takes,
the
harder
it
will
pump.
Q1
is
up
only.”



Related:




Bitcoin
is
new
gold
for
millennials,
Wharton
finance
professor
says

Bullish
cup
and
handle
formation
hints
at
moon
by
March

This
positive
future
outlook
for
BTC
expressed
by
GalaxyBTC
was
echoed
by
crypto
trader
and
pseudonymous
Twitter
user
Bobby
Axelrod,
who
posted
the
following
chart
outlining
the
predicted
trajectory
of
a
cup
and
handle
formation
on
the
Bitcoin
chart
in
the
months
ahead.


BTC/USD
1-day
chart.
Source:
Twitter

Bobby
Axelrod
said,

“The
“HANDLE”
will
end
up
looking
something
like
this
imo:
$58,000–$60,000k
mid
to
late
January;
a
pullback
to
$48,000–$50,000
first
week
of
February;
Retest
ATH
end
of
February
or
very
early
March;
Small
pullback
early
March,
then
rocket.”

The
overall
cryptocurrency
market
cap
now
stands
at
$2.234
trillion
and
Bitcoin’s
dominance
rate
is
39.6%.

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.

read original article here