Despite the downward pressures facing the digital currency market, led by the most famous and largest currency, Bitcoin, which is facing short-term difficulties, the long-term outlook still appears bullish. To many investors.
Data from Coin Telegraph Markets Pro and Trading View showed that after rising above $47,500 to start the new year (2022), the price of Bitcoin fell under pressure yesterday afternoon Monday. The asset is still facing severe headwinds on the shorter time frame charts.
It's only a matter of time before Bitcoin surges, and the longer it takes, the stronger it will pump, said analyst and Twitter user with the pseudonym GalaxyBTC. The first quarter will only see a rise.
For his part, said cryptocurrency trader and Twitter user pseudonym, Bobby Axelrod, would end up looking (handle) like this: $58,000 to $60,000 from mid to late January; Dropped to $48,000 to $50,000 in the first week of February; The all-time high will be retested at the end of February or early March; A small retreat in early March, then a missile rush.
Twitter user Reckit Capital explained that the weakness that started at the beginning of the year has put Bitcoin under a support zone, saying: However, the weekly close The latter means that the horizontal red level (around $48,670) has been lost as support. Bitcoin could soon bounce back in an attempt to regain the red as support.
Bitcoin's current weakness has also been addressed by Coin Telegraph analyst and contributor Michael van de Poppe, who said in a tweet that a rejection at $48,000 could lead to Bitcoin price drops below $46,000.
Overall, analysts anticipate a potential decline for Bitcoin in the short term before the price resumes its upward trend which could see its price rise to $60,000 by the end of January.
