Crypto markets slow down after rallying for two days. The global market cap fell by 0.67 percent at $1.92 trillion. Bitcoin Price failed to keep the momentum and broke the streak of gains. At the time of writing, BTC is trading at $43,832.12 with a minor loss. However, it performed well during the past seven days, gaining 18.56%.
Over the last 24 hours, BTC/USD has traded in a range of $43,432.85 – $45,077.58, exhibiting significant volatility. Trading volume has decreased by 18.03 percent to $29.73 billion, while the total market capitalization is around $840.24 billion, resulting in a 43.2 percent market share.
BTC continued to test the upside, with a new high of $45,000 reached yesterday and a new high of $45,400 witnessed today. Both times bears pushed the market price lower swiftly, signaling the end of the present rally.
As a result, it is anticipated that Bitcoin price action will shortly reverse and begin to retrace. A higher low will most likely be formed above the previous key support of $39,500, allowing for the formation of a base from which to test further upside later in the month.
BTC Price set for a Parabolic Recovery?
A well-known crypto analyst is poring through Bitcoin (BTC) charts to see when the cryptocurrency will reclaim the $60,000 mark and continue on its path to new all-time highs.
Nicholas Merten tells his YouTube subscribers in a new strategy session that BTC’s recent ability to endure downward pressure and push back beyond $40,000 is a positive indicator.
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He says we’ve seen steady price confidence, with buyers pouring in and bidding up the order book, sending Bitcoin’s price up from its low-bound range in the mid-$30,000 dollar range to approximately $39000- to $40,000.
As long as BTC continues to print bullish higher low configurations, Merten believes Bitcoin will retest the $60,000 mark, which it has already tested twice this year.
“It looks like it’s setting up for the trajectory to have a third reattempt…”
The analyst said that the third time could be the charm for Bitcoin, as we could see another retest of this general area around the mid-$60,000 mark, with the technical setup in place to eventually climb through and achieve a parabolic price.
“By the end of the year, I’m hoping to make between $150,000 and $200,000.”
Source: https://coinpedia.org/bitcoin/btc-price-will-hit-this-level-by-end-of-2022/