Bitcoin

Bitcoin Hovering Around $47K, The Next Stop Can Be $42K, Yet $52K Reversal Also On Track!

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Dec 15, 2021

news-image
Highlights

    Bitcoin price yet again initiated with a downtrend, shedding off the gains incurred in the whole day

    The asset hovering again around the same levels may point out towards the price revisiting more lower lows

    Yet the possibility of a substantial uptrend is still in place as the asset may undergo a huge spike after the consolidation

The beginning of the present Asian day’s trade was a little misty. But as the day preceded the market reacted well and initiated a trend towards the north. While many believed the crypto space could get back on track this night, Bitcoin started bleeding yet again. The BTC price slashed below $47,000 yet again manifesting the possibilities of visiting the strong support levels around $42,000. 

Advertisement

The markets are now at the same levels exactly where it was 11 days before, since the beginning of December and hence a comparatively higher volume is expected to flood in very soon. However, the bulls appear to be pretty pessimistic until the asset ranges along the buy zone that falls somewhere around $42K.

Also Read: Possible Scenarios Emerge for Cardano(ADA) Price, Which Will Be A Better Option?

The analyst further says that unlike the other assets Bitcoin would take a little longer to resolve bigger moves. And hence a little more consolidation or chopping around similar levels may continue to haunt the rally. However, the entire plot still appears bullish and only a breakdown below $42K could flip the trend into bearish. Else the BTC price has huge potential to leap long to the $55K to $60K ranges. 

Despite the current bearish trend prevailing within the crypto space, many appear to be pretty much confident of the upcoming bullish trend. However, in the meantime, the Bitcoin price needs to go through multiple pumps and dumps. Yet, the buy zone just below the $45K levels could be the very first signal of the bulls and the whales entering the war zone. Therefore uplifting the BTC price to the next levels, but initially much above $52,000 levels. 

Show More

Was this writing helpful? myImage dislikeimage

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button