Bitcoin Parabolic Rise On Cards! BTC Price Will Hit This Level By End Of 2022

The post Bitcoin Parabolic Rise On Cards! BTC Price Will Hit This Level By End Of 2022 appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Crypto markets slow down after rallying for two days. The global market cap fell by 0.67 percent at $1.92 trillion. Bitcoin Price failed to keep the momentum and broke the streak of gains. At the time of writing, BTC is trading at $43,832.12 with a minor loss. However, it performed well during the past seven days, gaining 18.56%.

Over the last 24 hours, BTC/USD has traded in a range of $43,432.85 – $45,077.58, exhibiting significant volatility. Trading volume has decreased by 18.03 percent to $29.73 billion, while the total market capitalization is around $840.24 billion, resulting in a 43.2 percent market share.

BTC continued to test the upside, with a new high of $45,000 reached yesterday and a new high of $45,400 witnessed today. Both times bears pushed the market price lower swiftly, signaling the end of the present rally.

As a result, it is anticipated that Bitcoin price action will shortly reverse and begin to retrace. A higher low will most likely be formed above the previous key support of $39,500, allowing for the formation of a base from which to test further upside later in the month.

BTC Price set for a Parabolic Recovery?

A well-known crypto analyst is poring through Bitcoin (BTC) charts to see when the cryptocurrency will reclaim the $60,000 mark and continue on its path to new all-time highs.

Nicholas Merten tells his YouTube subscribers in a new strategy session that BTC’s recent ability to endure downward pressure and push back beyond $40,000 is a positive indicator.

Also Read : Ethereum Break-Out Update, ETH price Poised to Hit $4500 in the Next 10 to 12 Days!!

He says we’ve seen steady price confidence, with buyers pouring in and bidding up the order book, sending Bitcoin’s price up from its low-bound range in the mid-$30,000 dollar range to approximately $39000- to $40,000.

As long as BTC continues to print bullish higher low configurations, Merten believes Bitcoin will retest the $60,000 mark, which it has already tested twice this year.

“It looks like it’s setting up for the trajectory to have a third reattempt…”

The analyst said that the third time could be the charm for Bitcoin, as we could see another retest of this general area around the mid-$60,000 mark, with the technical setup in place to eventually climb through and achieve a parabolic price.

“By the end of the year, I’m hoping to make between $150,000 and $200,000.”