By the end of 2021, the pressure on the cryptocurrency market continued until the first week of 2022, when on January 1, the price of Bitcoin (BTC) fell below $ 47,000 and small charts severely affected the asset.
Cointelegraph Markets Pro and TradingView data show that BTC’s prices are under pressure until noon on December 3, after rising above $ 47,500 to start the new year. The price has now dropped to $ 46,500. To protect.
BTC / USDT 4 hour chart. Source: Trading View
As the global economy struggles with inflation, look at what some market analysts are saying about Bitcoin’s way forward in 2022.
BTC $ 48,670 support should be withdrawn
The chart below, which analyzes BTC’s weekly price performance, shows the key support and defense sector of the $ 48,670 crypto trader and Twitter user, nicknamed Rect Capital.
BTC / USD 1 weekly chart. Source: Twitter
According to the list above, Rect Capital says it has successfully maintained BTC’s “black diagonal support” and has been doing so for “three weeks”.
The weakness of the startup is that it placed BTC below the support line marked with a red horizontal line. Rect Capital sees this as a potential target for scrutiny.
Rect Capital said.
However, this means that support for the nearby Red Horizon (, 6 48,670) was lost last week. BTC will jump with support in the near future. ”
Find $ 46,000 as soon as possible
Michael van de Pope, analyst and author of Cointelegraph, also touched on BTC’s current weakness, noting that leaving $ 48,000 could lead to a price drop below $ 46,000.
Despite the short-term struggles for bitcoin, the long-term prospects are rough for many investors. They include GalaxyBTC, an analyst and nicknamed Twitter user who posted the following chart showing the possibility of a break in the first quarter of 2022.
BTC / USDT 6 hour chart. Source: Twitter
“That caught our attention. Question 1 is just above.”
Related: Bitcoin is the new gold of the millennium, Wharton Finance Professor
Glassware shows the formation of the moon until March
This positive prediction of BTC by GalaxyBTC was echoed by Bobby Axelrod, a crypto trader and Twitter user, who described the predicted path of the cup and the following chart showing its formation on the Bitcoin chart in the coming months.
BTC / USD 1 Daily Chart. Source: Twitter
Bobby Axel Road:
The handle will end at the end of January: $ 58,000 – $ 60,000; $ 48,000 – $ 50,000 delay in first week of February; Check ATH again in late February or early March; A small retreat at the beginning of March, followed by a rocket. ”
The total cryptocurrency market is currently $ 2.234 trillion, with Bitcoin dominating 39.6 percent.