Bitcoin price is currently dancing within narrow ranges yet again after swinging below $38K for a pretty long time. It clearly manifests the asset’s calculative approach to undergo a clear uptrend without allowing any major sell-off in the future.
No doubt the current market trend is extremely misty as the price is hovering between $43,000 to $44500 after the spike beyond $45,500. However, at the press time, the BTC price is an inch close to clinching $45,000 levels that may trigger the rally towards the $48,000 levels initially.
It is to be noticed that the previous slashed in the recent past had dragged the price below the trend line that it followed from September 2020. However, with the present surge, the BTC price is intended to rise above the trend line and manifest its capacity to roar towards the next resistance.
However, the buying volume appears to be pretty decent and hence one can expect a significant upturn slowly yet steadily throughout the week. But when will the BTC price hit $55,000?
Bitcoin Price To Surge $50K?
A popular analyst believes the price to hit not only $50,000 but rally beyond $65,000 in the later 2022 but eventually end the yearly trade on a bearish note.
The analyst believes that the market participants are currently very much well-versed about the positive-negative scenario. And hence as per the market sentiments, the BTC price may be due to hit the upper target at around $56500 somewhere around mid or later March 2022.
However, the analyst is a little skeptical about the next move as the FED is expected to announce an interest rate hike. And the impact on the crypto market cannot be determined as of now.
However, the possibilities of an extreme sell-off still hover as Bitcoin smashes the levels above $50,000 or $55,000. At this stage, the star crypto may consolidate for a while until the market settles and calms for a while which may continue for a month.
Further, the rally is expected to continue towards its ATH or $60,000 at the first attempt. If sustained at these levels, then a jump towards $65,000 is quite possible until the end of 2022. Yet forming a new ATH still remains pretty much distinct at the press time.
Source: https://coinpedia.org/price-analysis/this-is-when-traders-can-expect-the-price-of-bitcoinbtc-to-hit-56500/