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- Bitcoin can end the year above $50k and kick off early 2022 with a new ATH
- The flagship digital asset can at least finish above $50k this year
- According to analysts, the overall outlook for the BTC price shows that the price would drop even further
Bitcoin traders who have understood the market are making notable gains from the market. Notably, several enthusiasts and institutions were all bullish on the price of flagship crypto asset, and called that Bitcoin would hit $100k by the end of this year. However, such a scenario would probably not happen, but analysts are hopeful that BTC can end the year above $50k and kick off early 2022 with a new ATH. Currently, the pipe dream has morphed into simple hopes that the flagship digital asset can at least finish above $50k.
Bitcoin price could further drop
While observing the BTC price chart we have noted that the bounce in price seen in the crypto market has followed remarks from Jerome Powell, the US FED chair. Indeed, such remarks forced the price of the asset to decline and face fresh lows near the level of $45.5k. According to analysts, the overall outlook for the BTC price shows that the price would drop even further.
BTC market sees May’s actions
Rekt Capital, a pseudonymous Twitter analyst has compared the current price action to consolidation seen this May through July. Following the actions, the analyst claimed that Bitcoin is still consolidating inside these two key bull market EMAs. Similar in July like in May 2021. Notably, is such a similar pattern where to play out, the price of Bitcoin could still continue to correct and drift lower for another 6 to 8 weeks before resuming its uptrend.
BTC gains momentum before jumping
Following Rekt’s, a similar scenario was forecast by some experts. According to experts in the cryptosphere, Bitcoin price might consolidate in the shorter time frame before booming again to achieve a new all time high. Indeed, following the current price actions there seems possibility of another drawdown to the $44,500 range which will be followed by a return to the current levels for a brief consolidation period and then a resumption of the uptrend.
Price swings won’t change the strength
If we follow the Bitcoin price chart since its establishment, the detailing of a more macro view is observed after each halving cycle of the asset. According to another analyst, TechDev, he has identified two previous instances where the price of the leading cryptocurrency saw intense periods of volatility only to be followed by a late stage rally and blow-off top scenario to a new all-time high.
Source: Twitter/TechDev
According to the analyst, Despite multiple swings in sentiment over the last 2 weeks, BTC is in the same macro position. Indeed, all eyes are on the retracement levels.
