After months of desperation and decreased interest in Bitcoin, we finally have some great news. Bitcoin’s price is in an upward swing with experts optimistic for short-term prospects as bulls defend the $42K zone. Bitcoin is entering a critical make or break week with $42K the level to watch. If it manages to hold, and it looks like it will, we could be in for a bull’s ride that the crypto market has needed for so long.
We’ve seen flashes of it last week, signaling a breakthrough and a higher price point. Over the past couple of days, Bitcoin has traded between $41,000 and $44,000. With tensions between Russia and Ukraine calming down, the price has consolidated around the $42K mark. There are still doubters that believe Bitcoin won’t climb out of the dark pit, but with new laws drafted in Russia and Turkey for crypto trading, we believe positive news will follow.
Heading Higher?
Some market analysts have spotted a bullish crossover on the charts which has last been observed in October 2020. The slope of the regression on different time frames indicates that we may be in for new heights soon. This is great news following the latest dips below $40,000 which some analysts have mentioned as a bear trap.
According to some, those dips occurred to draw traders on the wrong side. It was just another deviation which didn’t pass, and thankfully, the market is in a much better position now. The overall market cap is just over $1,890 trillion, with Bitcoin’s dominance rate at 42.5%.
Investors are currently bracing for higher volatility as other global worries may send Bitcoin in a downward spiral. The behemoth will likely face a dip or two by the end of the week, and that’s what makes the $42K support level so crucial. The good news is that Bitcoin has shown that the long-term trends are key for its price, and that the only way for cryptos is up, especially in these hard economic times.
A Run to $100,000 or Another Slump?
In a recent report, Goldman Sachs reverted back to original claims that Bitcoin could reach $100,000 in the not so distant future. The financial giant also said that it will compete with gold as store of value before we know it. It’s nearly halfway through the $100,000 mark, although the bank’s earlier claims of a $75,000 price by the end of 2021 didn’t come true.
Even after Bitcoin fell since the November high and hasn’t been able to recover those levels, Goldman Sachs has reiterated its stance that it’s on course for soaring highs.
Right now, many experts believe that Bitcoin will climb back to $50,000 by the end of the month. It would be a big make or break point for the world’s biggest cryptocurrency, since roaring upward from a relatively stable pricepoint of $50,000 would be easier. If it manages to outperform expectations by the end of February, it’ll be even better.
It seems that Bitcoin’s dark times are finally behind us. To the delight of investors, good times seem to await us. Bitcoin’s price has corrected itself in the past few days, and it now seems poised for a great run that we’ve all been waiting for so long.