Bitcoin price is currently dancing inside tight ranges once again after hovering below $38K for quite some time. It clearly manifests the asset’s calculative approach to experience a clear uptrend without allowing any future sell-off.
No doubt, the current market trend is extremely nebulous as the price hovers between $43,000 and $44,500 after the spike beyond $45,500. However, at press time, BTC price is close to hitting the $45,000 levels which may trigger the rally towards the $48,000 levels initially.
It should be noted that the previous drawdown in the recent past had dragged the price below the trendline that it followed since September 2020. However, with the current rise, the price of BTC is intended to break above the trendline and manifest his capacity. to roar towards the next resistance.
However, the buying volume seems to be quite decent and therefore a slow but steady significant increase can be expected during the week. But when will the price of BTC hit $55,000?
Will Bitcoin Price Rise $50K?
A popular analyst believes that the price will not only hit $50,000, but will climb past $65,000 by the end of 2022, but will ultimately end the yearly trade on a bearish note.
The analyst believes that market participants are currently very well aware of the positive-negative scenario. And therefore, depending on market sentiments, it is possible that the price of BTC will reach the upper target at around $56500 somewhere in the middle or later of March 2022.
However, the analyst is a bit skeptical about the next move as the Fed is expected to announce an interest rate hike. And the impact on the crypto market cannot be determined as of now.
However, the chances of an extreme sell-off still hover as Bitcoin breaks above $50,000 or $55,000 levels. At this stage, the star crypto may consolidate for a while until the market stabilizes and calms down for a time that may continue for a month.
Also, the rally is expected to continue towards his ATH or $60,000 on the first try. If it holds at these levels, a jump towards $65,000 through the end of 2022 is quite possible. However, the formation of a new ATH remains quite distinct at press time.
This post This Is When Traders Can Expect Bitcoin (BTC) Price To Hit $56,500 – Coinpedia – Fintech & Cryptocurreny News Media
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