Struggling Prices Beats Bitcoin Expectations Down From $100K To $50K
17 Dezembro 2021 - 08:00PM
NEWSBTC
At the height of the bitcoin rally, end-of-year predictions had
flown around with abandon. Most had placed the price of the digital
asset at $100,000 before 2021 ran out. With the movement of the
asset at that point, one could easily look at those predictions and
see how it could be a possibility. However, the crypto market has
proved again that there is really no telling what might happen with
it. Bitcoin had ridden the wave up to $69,000 but that would prove
to be the top of that rally as a crash sent the price back towards
$40,000 not too long after. Now, the price of bitcoin is struggling
to regain its footing above $50,000. Related Reading
| Investors Take Refuge In Bitcoin As Inflation Rises Hoping
To Finish At $50,000 Craig Erlam, a market analyst at Oanda, has
given thoughts on bitcoin in a recent client note. The analyst
noted that although many had been hoping for the price of bitcoin
to finish the year above $100,000, market momentum had dashed those
hopes and now a finish above $50,000 for the year is what is being
hoped for. Another analyst at Oanda, Edward Moya, notes that the
digital asset had taken a beating alongside big techs which had
sent its price towards its current levels. Nevertheless, the
analyst added that despite this, the market continues to face a
medium to long-term bullish outlook. “The cryptocurrency space is
seeing a lot of repositioning and that is leading to some unwanted
selling pressure, but the medium to long-term outlook remains
strong,” said Moya. BTC holding steady above $47,000 | Source:
BTCUSD on TradingView.com How Is Bitcoin Ending 2021? Analyst Craig
Erlam notes that bitcoin has had another chaotic week of trading.
This has been the case since the first market crash rocked the
market at the beginning of December, sending the market straight
into the red. However, bitcoin has managed to pick up support at
$47,000, which the analyst said means that the digital asset is
unlikely to give up this price. Related Reading | WikiLeaks
And Bitcoin: A Crypto Love Story? On the other hand, crypto bulls
are also trying to pull bitcoin out of the current trend. The
holidays have already begun, signaling the end of the year, and the
bulls would prefer to end what has been a “stellar year” on a
positive note. “Many were hoping for six figures by year-end, now
they may be crossing their fingers and hoping for half that,” said
Erlam. Finishing at $50,000 is not necessarily a bad finishing
point for bitcoin. Compared to the beginning of the year, it would
mark an at least $20,000 higher close. Featured image from CNBC,
chart from TradingView.com
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