Bitcoin

Bitcoin (BTC) Price Rally Picks Up! $55K Predicted to be Next Stop

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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Dec 21, 2021

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The crypto market on Tuesday looks for recovery as Bitcoin Price is climbing up towards $49K, Ethereum has cleared resistance at $4K. All other altcoins on the chart too are recovering from their losses gradually.

Bitcoin price action 

Bitcoin’s price dropped below $46,500 once more. Although BTC fell below $46,000, bulls remained active near the $45,500 support zone.

The price has recovered higher after forming a low near $45,600. Near the $45,500 level, it appears that the price is building a double bottom pattern. 

Bitcoin price is now trading near $48,800 and the 100 hourly simple moving average. It cleared resistance at $47000 and is set to face major resistance at $50000. However, in case of a downtrend, BTC could slip back to $47K level and trade down to $46K.

Recovery not easy?

A well-known crypto strategist and trader predicts a large Bitcoin bounce but cautions that the recovery will not be linear.

Credible Crypto, a pseudonymous crypto expert, tells his Twitter followers that Bitcoin (BTC) has cut a local bottom and is now set to spark a relief rally. 

“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now I think we are clear for our relief to $55,000+.”

Although Credible is bullish on Bitcoin in the long run, he believes it will make a lower high at $55,000 before undergoing another large downturn.

He thinks that BTC will see some relief in the next week or two, but will have one more swing below $42,000 but above $30,000 to finish the flat structure.

The Elliott Wave Theory is being used by crypto analysts. According to Credible, Bitcoin is still in wave four of a five-wave rally, which is the corrective phase. A dip below $40,000, according to the crypto trader, will finish the fourth wave and put BTC in a position to start the fifth and final wave, which will take it above $100,000 by July 2022.

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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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