As the year ends, Bitcoin has stabilized above $50K and ETH has held ground above $4K. Some altcoins however are trading in red. XRP, AVAX and MATIC have dipped around 4% today.
Bitcoin Price Action
With the hits it took during the current recession, Bitcoin appears to be stronger. It has already surpassed $50,000, which is a substantial improvement in the current circumstances.
Bitcoin has crossed the $51,000 mark, indicating increased investor confidence, with a 10.62 percent increase in the last seven days. At the time of writing it has retraced back from it’s 24 hr high $51,951 to $50,983. The support on the downside is at $50,699 and the resistance on $51K.
BTC to hit $54K!
Gareth Soloway, the chief market strategist at InTheMoneyStocks.com predicted that In the near term, Bitcoin could experience a substantial increase. Because of the current volatility, Soloway believes Bitcoin will reach $54,000 in the next three weeks.
He says what we’re seeing on the longer (period) chart is his major concern on BTC. In the next six months, he believes the cryptocurrency will be bearish.
Based on past price movement, he anticipates BTC to decrease to around $30,000 or possibly $20,000 in 2022 before bursting out again.
“I will go on record saying in 2022, BTC will revisit $30k with a decent potential of at least getting to $20k (in the same year).”
Gold will beat BTC
Solaway projects that Gold will outperform BTC and the stock market in 2022.
He says he is bullish on Gold and believes will be the best performer in 2022. He points at a wedge pattern building right here on the charts. He guesses that we’ll break out to the upside, and a return to the highs from 2020 at the very least will be seen.
Furthermore, Soloway predicted that gold would hit the $3,000 price objective. Well, thanks to growing inflation, figures, and the possibility of a rate hike.