By Franklin Smith
The world’s dominant digital coin, Bitcoin, has had significant price actions over the past years, gaining more popularity as a virtual currency. While publishing this blog, BTC traded around $42,398.Saturday sessions had Bitcoin’s exchange rate increasing by 7.07%. The crypto ended the day near $42,414, 3.54% up from Wednesday’s lows.
Analysts believe market players are currently in profit booking mode, eroding daily gains within no time while capping the crypto at levels around $45K. Bitcoin dropped to intraday lows of $43,917.4 yesterday morning before the coin recovered. Late sessions on the day saw BTC forming a high near 44,598, surpassing the former peak of $43,284, recorded earlier yesterday. Investors appear interested in BTC’s price actions despite rising inflation and global economy concerns.
BTC Price Analysis
Bitcoin has to keep its price actions beyond the pivot zone at $45,841 to challenge the initial massive resistance zone of $48,765. Nevertheless, broad market support is essential for BTC to surge past the new swing peak of $48,945. Unless a sustained cryptocurrency rally emerges, the massive resistance zone around $50,000 will limit any upside in the short term.
Breaching the $46,841 pivot zone will see BTC at the first critical support at $45,084. Nevertheless, excluding a continued cryptocurrency sell-off may mean BTC prevented declines under the $45,000 vital foothold.
Meanwhile, BTC needs a sustained upward rally to overcome the initial critical obstacle at $50K. Extended cryptocurrency rally might see Bitcoin testing the second resistance at $51,522. However, violating the pivot point of $46,841 will expose the significant support at $45,084. Meanwhile, substantial cryptocurrency sell-offs will have Bitcoin hitting the second vital support zone of $42,161.
Bitcoin Prediction
Though Bitcoin seems prepared to recover, it remains far from the November ATH at $68,000. Despite the latest fall, Bitcoin stayed more than twice its value some years ago. Moreover, most experts trust Bitcoin will eventually hit $100,000 despite the recent price plunges and volatility.
However, divergent views emerge regarding how Bitcoin will attain the optimistic target. Nevertheless, analysts advise crypto traders to be cautious as far as BTC investment is concerned. Remember, some critics maintain that Bitcoin risks investors’ money due to high volatility.