2021 could not give a bullish end for the most dominant crypto Bitcoin. While many felt BTC price would hit the milestone at $100K yet it appears that the price may not hit even $50K to end the yearly trade. The asset had ranged above $51K but it remained a very short-lived rally as the bears quickly dragged the below $48,000. Yet the asset maintaining the lower support levels keeps the hopes for a notable uptrend alive.
Bitcoin price maintained a silent trend throughout December and hence the entire crypto space is expecting the asset to have a boombastic start as every time. The asset during every first week of the new year has given a decent return. 18% in the first week of 2018, 7% in 2019, 13% in 2020 and 36% in 2021. Therefore a similar move could be pre-programmed in the next seven days.
However, the BTC price may rally as high as $52,000 in the upcoming week, yet the fear of a notable plunge still haunts the rally. One of the popular analyst believes the asset could drown back to $47K levels after ranging as high as $52,000.
The chart posted by the analyst showcases, the asset usually repeats the pattern every now and then. The price currently is trending within a descending channel which goes parabolic with the next leg up. As in the previous couple of times when Bitcoin followed a similar trend, it went parabolic to hit the highs. Therefore the current plunge may also have a similar impact in the upcoming days.
Collectively, the crypto space could go parabolic instead of creating yet another mountain and just sliding down hitting the new highs. And hence Bitcoin appears to make a notable move slowly yet steadily. The start of the year 2022 may be much similar to the current trend, yet the bull run may resume with a consolidation, yet as on time the BTC price may resume with the bull run.