In the short-term, analysts are optimistic that BTC will reach $60,000 by the end of January despite the current lows in the sub-$47,000 range.
shows that, after climbing above $47,500 to start the new year, the price of BTC fell under pressure in the afternoon on Dec. 3. Currently, the price has dropped to $46,500 where bulls now look to mount a defense.Here’s a look at what several analysts in the market are saying about the path ahead for Bitcoin in 2022 as the global economic system continues to grapple with inflation.
As shown in the above chart, “BTC has successfully retested the black diagonal as support” according to Rekt Capital, and “has been doing so for three weeks straight.” The weakness to start the year has positioned BTC below the established support zone highlighted by the red horizontal line. Rekt Capital sees this as a potential target to keep an eye on in the near term.“However, recent weekly close means that the red horizontal has been lost as support. BTC could bounce soon in an effort to reclaim red as support.
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