Prominent traders are now delaying their $100k Bitcoin predictions now because of the recent downturn in prices. However, many of them still believe that we are not in a full bear market right now and there is plenty of potential for the cryptocurrency to rise strongly in 2022.
While 2021 saw Bitcoin rising to new heights, particularly in the first quarter of the year and later on in the last few months, the end to the year itself has been very underwhelming and not at all the bullish frenzy everyone was hoping for. The cryptocurrency recorded a new all time high in early November just last month at around $69k but it has since fallen more than 33% and is now trying hard to hold on to key levels below $50k. This was very unexpected in the crypto investment community and many have scaled down their expectations till the end of the year from $100k to almost half that.
But, despite the sudden change of heart in the crypto community, many of the experts still believe that there is a case for a solid bull move in early 2022, something not many of them claimed earlier on in the year as instead of a end of the year climax, we are witnessing an anti-climax instead.
According to popular crypto analyst Rekt Capital:
#BTC is still consolidating inside these two key Bull Market EMAs
Just like in May 2021 (yellow circle)$BTC #Crypto #Bitcoin pic.twitter.com/KOpBbCvU0k
— Rekt Capital (@rektcapital) December 17, 2021
Michael Van De Poppe, another popular analyst, $44k is likely to be the bottom of this bearish move:
— Michaël van de Poppe (@CryptoMichNL) December 17, 2021
TechDev on the other hand also seemed upbeat about the immediate future of the cryptocurrency and tweeted:
Despite multiple swings in sentiment over the last 2 weeks, #Bitcoin is in the same macro position. pic.twitter.com/YtlfivYy6S
— TechDev (@TechDev_52) December 17, 2021
Overall, major analysts are all tweeting that the cryptocurrency is likely to continue on with the bull run of 2021 into 2022 for a short while at least. According to them, many of the key indicators including on-chain analytics still show that there is a lot of room for the crypto continuing on with its massive growth. They point to the fact that major support levels still remain intact and the bulls can make short work of the potential recovery process by posting some appreciation.
However, it is possible that the Bitcoin price index has achieved its peak for now and will take time going upwards again. The cryptocurrency’s recent moves below some support levels show that big players are selling off some of their BTC. If they continue on with that, the price index can remain under pressure well into 2022 as well. However, the new year may also bring a lot of hope for the bull as well, so it is a mixed bag overall.
Image Source: pixabay.com
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