Bitcoin

Bitcoin Could Enter a New Bull Cycle! Analyst Predict Next Levels For BTC Price 

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Jan 27, 2022

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Bitcoin’s price rose alongside US markets today, indicating that it is gaining traction ahead of the Federal Reserve’s decision on major interest rate benchmarks. The most valuable cryptocurrency temporarily rose above $38,000, reaching its highest level since January 21.

Analysts have assessed the Bitcoin price movement and discovered that the asset’s reversal attempts being rejected could indicate that it has bottomed out. Bitcoin may have reached the bottom of a 96-day bull cycle.

By moving away from price movement, analysts believe that Bitcoin’s trend may be forecasted through time cycles. The bitcoin market as a whole recently experienced carnage. Experts feel that all key timeframes are oversold for cryptocurrencies in the top 20.

In the immediate term, a V-shaped recovery is unlikely. Traders, on the other hand, are looking for a spot reversal after the present market conditions. Cryptocurrencies that were heading up before the massacre, according to analysts at Trading Room, a social learning platform, might recover 50-150 percent on relief rallies. 

Bitcoin has been trapped in the $30,000 to $70,000 range for a year, according to crypto birb, a crypto analyst and trader. Bitcoin’s price has fallen below its 20-week average. Smaller bounces and rejection to retest lows are expected. 

BTC Price Analysis

Bitcoin had rebounded and was showing signs of recovery after plunging to a low of $32,917. The uptrend continued until BTC reached a high of $38,919. However, this was short-lived. 

After the Fed statements, BTC failed to gain strength, resulting in a fresh decline below the $37,000 level. At press time BTC is trading below $36,000 and showing bearish signs.

Currently, the initial support is near the $35,200 level. In case of an extended plunge, the next major support is near $35,000, below which the price could revisit $34,000.

On the contrary, the price is facing resistance near the $36,200 level. Breaking this level BTC price might restest the next major resistance is near $37,000. The extended rally could take the BTC price towards $38,000.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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