Bitcoin Price Prediction — Will BTC Hit $85K Soon?
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- Bullish BTC price prediction is $61,124.96 to $83,434.81.
- BTC price will also reach $85K soon.
- BTC bearish market price prediction for 2022 is $19,959.92.
In Bitcoin (BTC) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about BTC to analyze the future movement of the cryptocurrency.
Bitcoin is considered as one of the impressive and ever-growing crypto in the industry. Moreover, the price of BTC increased during the 2022 bull run. Do you think BTC is a potential crypto? Will the BTC price hit $85K soon? Let us find out in this price prediction article. Before this, let us look into ‘What is Bitcoin’.
What is Bitcoin (BTC) ?
Bitcoin is a decentralized digital currency which was created in January 2009. It follows the ideas mentioned in a white paper by the mysterious and nicknamed Satoshi Nagamoto. The identity of the person(s) who created the technology is still a mystery.
Bitcoin promises to offer lower transaction fees than traditional online payment mBTCods, and is powered by a decentralized authority, unlike government-issued currencies.There are no physical bitcoins, only balances placed in a public ledger that is publicly accessible to everyone.
All Bitcoin transactions are verified by a large amount of computer power through a process called “mining”. Bitcoin is not issued or supported by any banks or governments, nor is it valued as an individual bitcoin commodity.
Although not legal in most parts of the world, bitcoin is very popular and has led to the launch of hundreds of other cryptocurrencies, collectively known as altcoins. The abbreviation of Bitcoin is “BTC” when trading.
BTC Current Market Status
According to Coingecko, the price of BTC is $46,239.90 with a 24-hour trading volume of $22,813,001,823 at the time of writing. However, BTC has decreased to 2% in the last 24 hours.
Moreover, BTC has a circulating supply of 18,905,156 BTC. Currently, BTC trades in cryptocurrency exchanges such as Binance, Mandala Exchange, OKEx, CoinFLEX, and CoinTiger.
Bitcoin (BTC) Price Prediction 2022
Bitcoin holds the 1st position on CoinGecko right now. BTC price prediction 2022 explained below with a weekly time frame.
The horizontal channel trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal and the prevailing direction of price action is sideways.
Currently, BTC is at $47,109.20. The price of BTC might reach the resistance level to $65,800. If the trend reverses, then the price of BTC may fall to $40,180 and $28,650.
Bitcoin (BTC) Support and Resistance Level
The support and resistance level of BTC is shown in the below chart.
From the above chart, it is observed that the following are the resistance and support levels of BTC.
- Resistance Level 1 – $61,124.96
- Resistance Level 2 – $83,434.81
- Resistance Level 3 – $1,23,816.69
- Support Level 1 – $41,573.86
- Support Level 2 – $29,075.23
- Support Level 3 – $19,959.92
The chart depicts the bullish performance of BTC over the previous month. However, this trend will break out and reach resistance level at $1,23,816.69,. On the contrary, if the trend reversed then BTC might fall to $19,959.92 presenting a bearish signal.
Bitcoin Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of BTC is shown in the below chart. RVOL is an indicator that tells traders how the current trading volume has changed over a period of time compared to the previous volume. Currently, BTC’s RVOL is below the cutoff line, indicating weaker participants in the current trend.
More so, the BTC’s Moving Average (MA) is shown in the chart above. Currently, BTC is in a bearish state. Notably, the BTC price is below 50 MA (short-term), so it is completely in a bearish state. Therefore, there is a possibility of a reversal trend at any time.
Meanwhile, the relative strength index (RSI) of the BTC is at level 38.23. This means that BTC is in a nearly oversold state. However, a major price reversal may occur in the upcoming days. So, traders need to trade carefully.
Bitcoin Price Prediction 2022 — ADX, RVI
Let us now look at Bitcoin’s Average Directional Index (ADX). In particular, ADX helps traders find the strength of a trend rather than its direction. It can also be used to determine if the market is changing or if a new trend is starting. Moreover, ADX is linked to the Directional Movement Index (DMI).
The above chart represents the ADX of Bitcoin. Currently, Bitcoin lies in the range at 47.25, so it indicates a strong trend.
From the above chart, it is observed the Relative Volatility Index (RVI) of BTC. RVI measures the constant deviation of price changes over a period of time rather than absolute price changes. The RVI is above the 50 level, indicating that the direction of volatility is high. In fact, BTC’s RSI is at the 38.23 level thus confirming a potential sell signal.
Comparison of BTC with ETH
The below chart shows the price comparison between Ethereum and Bitcoin.
From the above chart, we can identify the trend of the BTC and ETH is moving at the same level as the trend.
Conclusion
With continuous improvements in the Bitcoin network, we can say that 2022 is a good year for Bitcoin. For this reason, the bullish price prediction of Bitcoin in 2022 is $83,434.81. On the other hand, the bearish Bitcoin price prediction for 2022 is $19,959.92.
Furthermore, with the advancements and upgrades on the BTC ecosystem, the performance of BTC would rise reaching $61,124.96 very soon. But, it might also reach $85K if the investors believe that BTC is a good investment in 2022.
FAQ
Bitcoin is a digital currency that operates without any central control or oversight by banks or governments.
BTC has listed on many crypto exchanges which include Binance, Mandala Exchange, OKEx, CoinFLEX, and CoinTiger.
With the ongoing developments and upgrades within the BTC platform, it has a high possibility of reaching its ATH soon.
On Nov 10, 2021, BTC reached its new all-time high (ATH) of $69,044.77.
Bitcoin seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of BTC in the past few months, BTC is considered a good investment in 2022.
Bitcoin (BTC) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Bitcoin (BTC) will hit $85K soon.
Bitcoin (BTC) price is expected to reach $65K by 2023.
Bitcoin (BTC) price is expected to reach $85K by 2024.
Bitcoin (BTC) price is expected to reach $120K by 2025.
Bitcoin (BTC) price is expected to reach $134K by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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