• Thu. Apr 18th, 2024

Crypto Expert Forecasts Bitcoin (BTC) Climb to $56K before Major Drop

Dec 21, 2021

Bitcoin bounced from a three-week-long bearish period as it climbed to a five-day peak of $48,731. While writing this content, the largest crypto trades at $48,740 after a 5% surge within the past 24 hours. Bitcoin presented five successive green candlesticks on its 1-hour chart before recording a slight correction from the daily peak.

The known cryptocurrency pundit on Twitter, Credible Crypto, highlighted Bitfinex’s limit order bids to attract attention to market sentiments. He stated that Bitcoin’s on-chain fundamentals seem unchanged within the past week as whales continue purchasing at lower prices amid panic-dominated retail.

Quoting his 17 December tweet, Credible Crypto stated that Bitfinex whales still accumulated around $45,000, and the lows filled, Bitcoin is now searching for a rebound. The crypto expert forecasted that BTC might surge past $55,000 before encountering the following sell-off.

Can Bitcoin Reclaim $60,000?

Bitcoin touched an ATH around $68,790 during November’s second week but recorded negative monthly returns because of the market crash that emerged. With another massive retracement in December’s first week, Bitcoin lost all October gains and sat 30% below its all-time high.

Though market analysts predicted massive bullishness towards year-end, December and November proved a bearish takeover. For instance, Bitcoin failed to hit the $98K target by a recognized crypto analyst Plan B. the analysts revealed that Bitcoin would encounter massive deviation after failure to hit the target, but also acknowledged $69,000 is not Bitcoin’s top.

He stated that if 69,000 had been BTC’s top, a massive market would have followed, translating to an 80% crash towards $14,000. That will take BTC beneath 2017 ATH of $20,000 and under the 200 Weighted Moving Average (WMA) at $18,000. Plan B stated such a development would never materialize.

For now, Bitcoin eyes the massive support at $50,000 before a steady upswing towards sub-$60,000. As holiday approaches and inflation hits decade peaks, Bitcoin might mimic its 2020 late December moves.

Meanwhile, analysts remain bullish on Bitcoin. They believe current retracement prepares the leading crypto for massive upswings in 2022’s early bullish cycle. The crypto should maintain an upward stance to challenge the $50,000 mark for steady upswings.

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