Bitcoin

$45K or $40K ? Where Bitcoin (BTC) Price is Heading Next ?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jan 15, 2022

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Over the last 24 hours, the crypto market has been generally bullish. Bitcoin, the market leader, has lost 0.03 percent in the last few hours due to a pullback. Meanwhile, Ethereum is up 1.22 percent, with Terra (LUNA) leading the market with a gain of almost 6%.

BTC Price Analysis

Over the previous 24 hours, BTC/USD has moved in a range of $42,669.04 – $43,346.69, exhibiting significant volatility. Trading volume has dropped by 41.41 percent to 20.5 billion dollars.

On Wednesday, BTC broke through $44,000, the next resistance level. Retracement began after some consolidation below the barrier, advancing to the $42,000 mark early on Friday.

Further downside was swiftly rebuffed, and the stock ended the day at $43,400. Bitcoin’s price consolidated overnight, with a minor bearish pressure in the morning.

The Bitcoin price temporarily retested $42,500 support on the 4-hour chart, and has spiked back to $43K level, indicating that bulls are preparing to drive the market much higher. 

BTC predicted to hit $46K

Pentoshi, a well-known trader, also looked to get his wish, with BTC “sweeping” lows below $42,000 in what he had previously described as a good entry point. He went on to say that $46,000 may be next.

Another “death cross” chart structure on BTC/USD, a traditional indication warning of negative conditions, loomed huge.

Also, analysts at trading platform Decentrader remained bullish on mid-term price action, despite the possibility of another slump into the $30,000–$40,000 region.

They claimed in a market update on Jan. 14 that the two-month decline from early December was primed for disruption, and that the upside was “probable” over a cascade lower. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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