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

After the price of Bitcoin (BTC) fell below $47,000 on Jan. 1, bearish forces on the cryptocurrency market extended into the first week of 2022, and the asset currently faces significant headwinds on the shorter period charts.

The price of Bitcoin dropped under pressure in the afternoon of December 3 after soaring beyond $47,500 to start the new year. Bulls are now looking to build a defence as the price has decreased to $46,500.

As the global economic system continues to deal with inflation, here’s what some market analysts are saying about the route forward for Bitcoin in 2022.

BTC needs to reclaim support at $48,670

Crypto trader and pseudonymous Twitter user Rekt Capital analysed the weekly price performance of BTC and provided the chart below, emphasising the primary support and resistance point at $48,670.

According to report, “BTC has successfully retested the black diagonal as support” and “has been doing so for three weeks straight,” according to Rekt Capital.

BTC has been trading below the established support zone, which is represented by the red horizontal line, due to its weakness to begin the year. This is a prospective target for Rekt Capital to keep an eye on in the near future.

According to Data, “However, the red horizontal ($48,670) has been lost as support due to the last weekly closure. BTC may shortly bounce in an attempt to retake red as support.”

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Look out for $46,000 in the short term

Analyst addressed the latest weakness in BTC with the following tweet, implying that the rejection at $48,000 could lead to a price drop below $46,000.

Despite Bitcoin’s recent problems, many investors believe the long-term prognosis remains positive. Analyst and pseudonymous Twitter user GalaxyBTC is one among them, with the following graphic indicating a likely breakout in Q1 2022.

Bullish cup and handle formation hints at moon by March

GalaxyBTC’s bullish forecast for Bitcoin was supported by crypto trader and anonymous Twitter user Bobby Axelrod, who shared the image below, which shows the expected trajectory of a cup and handle formation on the Bitcoin chart in the months ahead.

According to Bobby Axelrod, “I believe the “HANDLE” will look like this: $58,000–$60,000k in mid to late January; a pullback to $48,000–$50,000 in the first week of February; a retest of the ATH in late February or early March; a small retreat in early March, then rocket.”
The total cryptocurrency market capitalization is now $2.234 trillion, with Bitcoin commanding a 39.6% market share.