Bitcoin
BTC$65 050.15

-2.08%

Ethereum
ETH$3 405.15

-5.63%

Tether
USDT$1.000085

0.08%

Binance Coin
BNB$586.04

-3.53%

Solana
SOL$132.95

-10.70%

USD Coin
USDC$1.000242

0.02%

Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last


06 Jan 2022

#Bitcoin

There will be a breakout up or down within weeks, consensus believes, with targets between $40,000 and $60,000. Bitcoin (BTC) recovered from new lows of $45,550 on Jan. 5 as analysts waited patiently for a "squeeze" to trigger fresh volatility. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the previous day's levels near $47,000 on Binance at the time of writing. The repeated dips had failed to unsettle market participants, who now turned to the prospect of an abrupt move up or down in the coming weeks. Volatility in a time of flat funding rates and record-high open interest on derivatives markets, they had said Tuesday, was all but a given.

"Think we enter a volatility squeeze by end of the month," analyst William Clemente forecast in part of comments on Bitcoin's Bollinger band chart.

A popular indicator which Clemente acknowledged as one of his "favorite" tools, Bollinger bands use two standard deviation bands around the Bitcoin spot price to assess when volatility is likely to come. The question this week, however, was whether the move would be up or down.

"If we get that same setup from late July and initial pop down to low 40s out of a squeeze I will def be a buyer there," Clemente added during a discussion on the outlook.

A further post unveiled the likely cause of the $45,550 dip — a trader's failed attempt to short the lows and a subsequent buyback.

Red herring candles

Those looking for upside meanwhile highlighted macro factors. Inflation, running hotter than anticipated, had not been fully reacted to by Bitcoin yet. 

"View-wise, we are still holding out for an upside move in the near-term," trading firm QCP Capital wrote in its latest update to Telegram channel subscribers. "Looking at the 10-year breakeven inflation rate (which has historically had a high correlation with BTC), there has been a material divergence since end-December... If BTC plays catch up here we could see the move towards 60,000."

Inflation cues are due next week with the publication of December's consumer price index (CPI) data.

"Never once BTC looked like this when it ended its bullish cycle. NEVER, since its inception," an even more bullish Galaxy continued Tuesday. "It always drops sharply without much recovery.""We are in a consolidation before the next massive move to the upside," he added. 

Galaxy was observing periods of consolidation following price tops throughout Bitcoin's history, concluding that the $69,000 top in November could not logically form a multi-year high. 

 

 


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 89.2% 15 $65 050.15 -2.08% -5.31% $1 282 381 498 798 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.2% 23 $3 405.15 -5.63% -6.09% $416 371 407 438 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000085 0.08% 0.03% $112 562 166 877 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.2% 25 $586.04 -3.53% -5.32% $86 490 719 528 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 40 $132.95 -10.70% -15.37% $61 396 036 364 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 3 $1.000242 0.02% 0.01% $32 548 547 004 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 83.2% 31 $0.482647 -0.76% -0.88% $26 820 915 414 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 68% 67 $7.35 -7.80% 3.60% $17 922 555 725 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 67.2% 61 $0.118312 -13.25% -16.41% $17 126 164 916 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.2% 40 $0.369609 -10.94% -15.02% $13 207 774 437 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000018 -14.70% -21.16% $10 404 166 604 SHIB 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 58 $26.01 -12.71% -18.07% $10 232 271 315 AVAX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88.4% 9 $0.114599 -2.57% -2.46% $10 018 572 668 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 92.8% 9 $0.114477 -2.91% -2.55% $9 990 678 307 TRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.