https://ift.tt/32hUq6s Catalysts May Propel BTC Price Upto $70k By Mid-2022, This May Be “Investors-Favorite” Buy-Zone? – Coinpedia – Fintech & Cryptocurreny News Media

The Bitcoin price has had a rocky start in 2022 as its price action continued to trade on a downward spiral. The bulls are toiling hard to recapitulate the momentum, and bears are standing firm at $43.2k not allowing the price action. 

A greater part of the Crypto fraternity believes that bull run may commence in a tick. As the asset is most likely to revisit the ‘Investor’s Favorite’ buy-zone to fuel its price action.  

Bitcoin Price Awaits a Major Pump If It Corrects These Levels! 

Bitcoin bulls are getting wrecked post its number of attempts to dodge the barrier of $43.2k. As bears are getting more strengthened in each of their attempts, we can expect a sideways drop to the price below $40k. Interestingly, it is widely assumed across the cryptoverse that the price range below $40k, and especially around $38k is the ‘Investor’s Favorite’ buy-zone. 

It is pretty clear from the Glassnode analytics that when the price was well below $40k, specifically, in July and October, the price moved north to claim new ATHs. Hence, it is most likely that multiple rejections may become a blessing in disguise for BTC price action in the short term. 

Bitcoin Just Needs A Shift In Global Sentiment to Skyrocket! 

Bitcoin has almost everything that could catalyze the price action, just one thing lacking would be the global sentiment that includes derivative trading. As per Coinshare’s data, negative sentiment around crypto has resulted in digital asset fund outflows in excess of $55 million worth in the previous week. If the global sentiment turns bullish below $40k, then the below factors would help boost the price action.

•  The flagship asset has been under extreme fear since December 29th, and hence it is not expected to continue for a longer-time frame anymore. We can soon expect the change-over of sentiment to Greed in the near term, the trend suggests to hold until then. 

• Bitcoin’s ratio of coins on crypto exchanges has come back to its November 2018 lows. It then experienced a price bang of over 15%. Hence, if something similar recurs, $45k in the short term is inevitable.
• Bitcoin price clearly decoupled its move against Nasdaq by a big margin. Over the years, the star crypto was moving with Nasdaq. And now by falling disjoint the asset turned out to be most promising for future investments. 

Collectively, the flagship is almost at its end phase of the bear cycle. Along with the above metrics, if global sentiments turn out bullish we can even hit a new ATH above $70k in the first half of 2022. However, as bears stand firm at $43.2k over the past couple of months, substantial accumulation under $40k could only save the BTC price action.