Bitcoin bulls aim for $54,000 after this week’s unexpected push through key resistance levels convinced traders that fresh all-time highs could be a reality in 2022.
shows that after a brief pause near support at $47,000 in early trading on Monday, an afternoon wave of buying helped lift BTC above $48,000 and bulls are identifying $52,000 as the next stop.Here’s a look at what several market analysts are saying about this latest move for Bitcoin and what could come next as the bullish narrative continues to gather momentum.
the following chart showing the “strong weekly close by Bitcoin,” which closed “above the 20 WMA and 50/100 DMA.”“Critically also breaking the key weekly support/resistance level defining the middle of the range. Now sat below the 100 DMA and yearly pivot and a high volume node.”Analysis of the long-term price performance of BTC was discussed by crypto trader Jordan Lindsey, who
the following chart suggesting that the Bitcoin bull run that began in early 2021 is still ongoing due to an extension of the 4-year cycle.“Bull market breakout has never faded. We continue to be in a Bitcoin bull market since 2020. Cycles are longer. Lengthening or new structure? This is the question.”
The overall cryptocurrency market cap now stands at $2.168 trillion and Bitcoin’s dominance rate is 42.1%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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