Bitcoin continued to depreciate in the first week of 2022 as the bearish pressures from the end of 2021 continue to have an impact on the cryptocurrency price. The price of the cryptocurrency dropped to around $47,000 on January 1, and some market experts claim that the price will continue to drop in the following days.
At the same time, many analysts believe that the price drop is short-term and the cryptocurrency will manage to resume its uptrend by the end of the month, and by February, the price could reach $60,000.
While 2021 proved to be very successful for the crypto industry, many are concerned about what 2022 has to bring. On the other hand, others believe that 2022 will be a very successful year for the crypto industry as well.
First Week of 2022 – How Things Look?
The year started with some bearish performance for bitcoin. As you can see on the chart below, the price of BTC was not so stable near the end of 2021, seeing huge swings in price. On the first day of 2022, BTC experienced a massive price dip.
BTC was selling for around $45,700 on the first day of the year. After that, the price managed to increase a little bit around January 2nd but fell again. After increasing to up to $47,800, the price fell again on January 3rd evening. At the time of writing, the cryptocurrency is selling for about $47,200.
Crypto market experts and analytics are talking about different types of scenarios the price movements might continue throughout the year.
Many crypto experts addressed the current performance of bitcoin. One of them wrote on Twitter that BTC has to find the main support and resistance area to somewhere around $48,670 to work out its stability.
According to the crypto market analysis, it is expected for bitcoin to continue increasing in price and may even bounce back to a new, higher support level. Some of the market experts are looking for the price to drop below $46,000. However, according to them, it should be a short-term drop and the cryptocurrency might manage to regain some traction deeper into the year.
While the year started with bearish trends and price lowering, market experts and participants are saying that bitcoin can manage to have a very successful year. According to some of the investors and experts, bitcoin will manage to increase in price starting from the end of January.
According to them, it is simply a matter of time for BTC to have a new breakout, and the longer it takes, the higher it might jump. Some of the market experts are also expressing hopes for the huge price increases by March of this year.
According to one of the Twitter users and crypto analyst, Bobby Axelrod, the price of BTC will end up being around $58,000-$60,000 around mid to late January. However, he also predicts a pullback down to $48,000-$50,000 in the first week of February. On the other hand, he also awaits another increase in March, followed by a small pullback and then, massive increase.
According to official data, the current cryptocurrency market today stands at around a $2.234 trillion market cap, with bitcoin dominance being around 39,6 percent.
Near the end of 2021, many were talking about the possible direction BTC price could take in 2022. While there were different expectations from market experts, the majority of them said to have been awaiting successful price performance.
Crypto Trading – What Makes it So Popular?
The crypto industry has become huge in 2021. People of all different backgrounds now have the opportunity to become part of the market thanks to the numerous crypto exchanges offering beginners, as well as experienced traders their services.
Even those with little to no experience have the opportunity to get started in the market. This is made possible thanks to the automated trading robots that can analyze the price movements in the market for you. This way, you can continue with your daily life, when making profits from the crypto trading market.
By getting yourself an automated robot to trade cryptos, you will be able to not only analyze the market price movements but also automate the whole process of trading.
There are numerous automated crypto trading bots available in the market. Most of them are third-party programs that you can connect to your exchange account and let it trade cryptocurrencies for you.
Due to the success that the crypto industry enjoyed in 2021, the interest in this market has grown massively. People of all different backgrounds and nationalities are now able to invest in crypto-assets and make profits from the industry.
As the hopes and expectations for 2022 are also very high, the interest in the crypto industry is growing even more. While it is very much unclear how things will play out in the upcoming year, market experts, as well as participants, remain positive for 2022.
Source: Read Full Article