Is Bitcoin Going To $20 Or $100k? Here are the Predictions!

In January, Bitcoin dropped to $33,000, making its worst start to the year since the 2018 crypto winter. At the time of writing, Bitcoin is trading at $38,659, up 1.1 percent on the day. So, what levels are expected to be seen in the coming period? cryptocoin.com We have compiled the forecasts of analysts.

What are the expectations for the collapsed Bitcoin price in a month?

GlobalBlock analyst Marcus Sotiriou said that macroeconomic conditions are currently the catalyst when it comes to Bitcoin price action. He noted that especially the US Federal Reserve and the stock market have a great influence on the BTC price. According to experts, the Fed, which has taken a tough stance on monetary policy, and the sharp sell-off in stocks triggered Bitcoin’s drop from its all-time high of $ 69,000.

According to Sotiriou, trading in the crypto space will remain shaky for the next few months. “Institutions will try to protect themselves against an interest rate hike in March,” the expert said. As the Fed focuses on its fight against inflation, market participants will continue to debate how many rate hikes are needed to rein in four decades of high inflation in the US. Sotiriou used the following statements:

Inflation is now the Fed’s main concern and Fed Chairman Jerome Powell has made that very clear. We always knew that a rate hike would come in March. Powell stressed that inflation is now worse than it was in December. He was disturbed by the drop in valuations and his main concern is solving supply chain issues. It is still unclear whether there will be a double rate hike in March. But once people realize that the rate hike didn’t change things too much, the uptrend in the crypto market could begin again.

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Which levels to watch?

Sotiriou added that the long-term outlook is still “very optimistic”. According to the expert, their increase has the potential to affect economic growth, but the cryptocurrency market is not really related to it. The cryptocurrencies industry somehow has its own economy. On top of that, this correlation between crypto and stocks will weaken as the Bitcoin market matures. Other drivers supporting Bitcoin, according to the expert, will be positive headlines such as Russia’s friendlier approach to crypto mining or the Turkish government’s meeting with El Salvador. Regarding the expected levels, he uses the following statements:

For now, Bitcoin has found a low at $33,000. We have big support between $29,000 and $33,000. That’s one of the main reasons we’ve seen such a huge jump from this level. I expect the $29,000-33,000 level to hold. The resistance is currently between $41,000-42,000. This was the highest range of summer 2021. This is the resistance that must be overcome moving forward. If we surpass this, the short-term trend may turn into an uptrend.

Famous Investor: Bitcoin and Ethereum Can See These Levels!

On the other hand, GlobalBlock’s year-end forecast is for Bitcoin to hit all-time highs of $80,000-90,000 and Ethereum to outperform Bitcoin above $5,000, rising to $7,000.

Willy Woo examines on-chain metrics

Meanwhile, crypto analyst Willy Woo examines Bitcoin’s (BTC) on-chain metrics. Based on the chain analysis, Woo says that Bitcoin does not exhibit a “bear market formation.” He says that while fear is at its peak in sentiment, structurally on-chain developments do not point to a bearish market. The in-chain analyst states that high fear levels in the market present an opportunity as there is a possibility of an upside pullback. Woo also says that demand for Bitcoin is returning as various investors continue to buy. The analyst records the following:

We went from $69,000 to $33,000. Going down from $33,000 to $20,000 would be tough. Because it’s like tracing the 2018 bear market for two and a half months instead of a year. Structurally [Bitcoin] very, very strong and demand is starting to come back. Investors, demoralized by futures traders, stopped the sale. Now they are recovering and the savings are coming.

If Bitcoin Drops To This Level, We Will Crash!

Expressing that whales with more than 1,000 Bitcoins have started to buy, Woo states that they peaked their sales in December, but they re-entered in January in terms of purchases. Finally, he says, demand for exchange-traded funds is starting to rise.

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