As the year closes, many traders are predicting a blow-off top for Bitcoin in 2020. However, some say we’ll have to wait until 2022 before this happens. Is it too soon? Will there still be plenty of opportunities left when that time comes?
The “bitcoin 2022 prediction” is a prediction that the price of Bitcoin will reach $100,000 by 2022. The traders behind the prediction believe this to be possible because of the limited supply and demand.
Bullish traders who drank the “Bitcoin to $100,000 by year’s end” Kool-Aid are now accepting the possibility that there may be no Santa Claus rally in 2021. At this point, the pipe fantasy has devolved into mere expectations that the leading cryptocurrency would end the year over $50,000.
According to data from Cointelegraph Markets Pro and TradingView, the price bounce seen in BTC following remarks from Federal Reserve Chair Jerome Powell has pretty much vanished, and the price has sunk to new lows of $45,500 in the last 48 hours, with the price looking like it could drop even lower.
4-hour chart of BTC/USDT. TradingView is the source of this information.
Here’s what traders believe about Bitcoin’s recent price activity, as well as what the rest of 2021 could hold.
The price motion in May is mirrored in Bitcoin’s consolidation.
‘Rekt Capital,’ a pseudonymous Twitter expert, linked the latest price behavior to the consolidation observed in May and July.
1 week chart of BTC/USD. Twitter is the source of this information.
According to Rekt Captial,
“BTC is currently stabilizing within these two important bull market exponential moving averages. Similar to May 2021 (yellow circle).”
If a similar pattern repeats, BTC’s price might consolidate and drift down for another 6 to 8 weeks before restarting its upward trajectory.
$44,000 may be the “lowest” price.
Cointelegraph contributor Michal van de Poppe predicted a similar scenario, posting the graphic below as a rough sketch of how BTC price movement may evolve over the next several months.
4-hour chart of BTC/USDT. Twitter is the source of this information.
According to the chart, van de Poppe believes that another pullback to the $44,000 region is possible, followed by a rebound to present levels for a short consolidation phase before the uptrend resumes.
Related: An analyst identifies 21 variables that point to the price of Bitcoin rising — but only four adverse indications
The fundamental strength is unaffected by mood swings.
Last but not least, cryptocurrency expert ‘TechDev’ shared the chart below, which shows a more macro picture of BTC’s price behavior after each halving cycle.
The price of bitcoin (BTC) throughout each halving cycle. Twitter is the source of this information.
TechDev has found two past occasions in which the price of Bitcoin saw considerable volatility, followed by a late-stage rally and blow-off top scenario to a new all-time high.
According to TechDev,
“Bitcoin is in the same macro position as it was two weeks ago, despite repeated swings in emotion.”
Following tweets and answers, TechDev expressed a long-term positive perspective for BTC, stating that “all eyes on the retracement levels.”
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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