New year, same routine – Bitcoin (BTC) currently does not appear to show any convincing signs of a bullish recovery in the coming days, and continues to trade well below $ 50,000. However, some believe that a rally up to $ 60,000 by the end of January 2022 is possible.
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Dull market for bitcoin: build-up and brick wall
Bitcoin drops to $ 45,701 on Bitfinex today, Jan. 3, 2022. The bulls fail to regain the $ 46,000 yet. Bitcoin is trading at $ 45,840 at the time of writing, and is currently recording a daily loss of 2.33%.
Bears and bulls continue to fight for control of the markets in the short term. However, the markets remain dull : Trading volumes and retail investor interest in bitcoin are low, as large portfolios maintain selling pressure at around current levels.
For trader Michaël van de Poppe, the resistance level to watch is at $ 48,000 which correspond to “a small brick wall”. In terms of support, Michaël van de Poppe believes that any action above $ 40,000 – $ 42,000 corresponds to an accumulation.
The Pentoshi trader is much more pessimistic. He indicated that “ bearish macro ” until bitcoin reclaims the $ 58,000- $ 60,000.
Cup with handle: ATH test during the first quarter of 2022
Twitto Bobby Axelrod has encouraging outlook for bitcoin. He shared a graph showing bullish cup formation with handle. He expects a bitcoin ATH test end of February 2022 or beginning of March 2022.
“The ‘cove’ will end up looking something like this, I think: $ 58,000-60,000,000 in mid or late January; a decline to $ 48,000-50,000 in the first week of February; a new ATH test at the end of February or the very beginning of March; a small decline in early March, then a rocket. “
According to Bobby Axelrod’s forecasts, any tightening of leverage should therefore ultimately lead to a rapid rise, rather than the other way around.
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