Bitcoin (BTC) price likely to bottom between $42k-$37.5k, here’s why
Is the ongoing Bitcoin (BTC) price dump a buying opportunity or are we actually staring at a winter season in crypto? With Bitcoin price fear index at 18, the market sentiment is no doubt extreme fear. While most crypto analysts have confirmed the onset of bear market, here are analysis of few pro crypto analysts who believe the bottom is near than many think.
Are you buying the dip? Analysts predict $100k in 2022 still in play
One among the known crypto analysts on twitter who has nearly 200k followers, has shared his analysis and predicted that Bitcoin price will likely bottom anywhere between $42k-$37.5k. He confirms through his analysis that a Bitcoin (BTC) price of $100k is still on cards in 2022.
i think #btc bottoms anywhere between now and 37.5k and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to 100k still on the table for 2022 imo. pic.twitter.com/64WniL0bG1— Bluntz (@SmartContracter) January 7, 2022
The analyst compares the ongoing price action to the price action in May, 2019-July, 2019. Looking at charts one can confirm that yes Bitcoin price structure in 2019 is actually very similar to the current BTC price action. This was actually the time in 2019 when Bitcoin price jumped from $9000 to $19000.
Another crypto analyst by the twitter user name credible crypto with more 200k followers confirmed the prediction by @smartcontractor & said that elliot wavers are the only remaining bulls on crypto twitter.
The exact scenario I’ve been talking about for some time now. Note that the “ELliOt wAvE”‘ers that everyone loves to hate are some of the few remaining macro bulls here. Let’s get it @SmartContracter 💪 https://t.co/eSYXIj7pXc— Credible Crypto (@CredibleCrypto) January 7, 2022
At the time of reporting Bitcoin price is at $42,250 and may retest the next support on 4 hr time frame at $39, 400. The range between $39,400-$37,500 is very crucial for Bitcoin (BTC) and if there is any bullish action left we might see it here.
6,000 Bitcoin bids on FTX between $39-41k
Another reason to believe analysis of both above crypto analysts is true is that between $39,000-$41,000 there are around 6,000 BTC bids waiting to be filled. If filled we will soon see a relief across crypto market. So, again as mentioned earlier if you’re looking to buy Bitcoin or long Bitcoin these two key regions you should keep a check on, $39,400 & $37,500.
While many in the CT have already turned bearish the above analysts still believe that Bitcoin price can still reach $100k in 2022. Do let us know what you think in the comments below. Do not forget to follow us at @coingapemedia for latest crypto updates.Source