December 9, 2022
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Bitcoin

Bitcoin at one-year moving average, analysts remain bullish for $100,000 in 2022

Based on historical charts, analysts remain hopeful that Bitcoin price rally will reach $100,000 in 2022

The world’s largest cryptocurrency, Bitcoin has been showing sideways movement and is currently at its one-year moving average. As of press time, Bitcoin is trading at a price of $45,917 with a market capitalization of $868 billion and now Bitcoin appears to be far from its $100,000 target.

However, if Bitcoin preserves its one-year MA trendline, there could be a sizable rally for the Bitcoin/USD pair, said Look Into Bitcoin analyst Philip Swift. Commenting on this chart, the analyst also added:

The 1 year MA is a bull/bear pivot level, very important historically and we are sitting on it now. I vote for us to jump in and stay strong.

Bitcoin is still trading at 33% of the low of its all-time high of $69,000 in November. The world’s largest cryptocurrency still has a lot of ground to cover. Furthermore, it seems unlikely as of now that Bitcoin will reach $100,000 levels this Christmas, as many expected.

PlanB, the creator of the stock-to-flow model, saw the same scenario last weekend. However, he remains quite confident in his model and noted that he will not abandon it despite recent events.

According said by PlanB:

Bitcoin needs a little miracle for a $100,000 Christmas. Will I ditch the S2F model if it doesn’t? No, I really like being in the lower bands. In fact, I published the model in the lower bands in March 2019 with Bitcoin, below 4K.

“Santa Rally” is missing, traders expect Bitcoin at $100,000 in 2022

The cryptocurrency market has behaved in opposition to the popular perception that Bitcoin hits $100K by the end of the year. Additionally, many expected the broader cryptocurrency market to perform similarly to 2017 during the fourth quarter of this year. However, we can see a clear sign of market weakness. commenting on this, crypto market commentator Holger Zschaepitz he said:

Look as if the markets aren’t staging the typical Santa Rally. Global equities lost $1.8 trillion in cap market this week as investors reacted to the Fed’s hawkish pivot, spike in Covid cases and positioned themselves in 2022 from already high valuations. Stocks are still worth $118 trillion, 140% of global GDP.

Although Bitcoin is moving to the side, investors remain hopeful of reaching the $100,000 level in 2022. Rekt Capital considers the current price action similar to the May-July consolidation phase.

If a similar pattern occurs, Bitcoin could still consolidate and fall for another 6-8 weeks before resuming the uptrend. Furthermore, market analyst TechDev notes that Bitcoin is still in the same macro position compared to the previous two halving cycles. This means that there will be some intense periods of volatility, followed by a late-stage rally and a peak blow-off period.

Source: Coinspeaker

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