Bitcoin (BTC) has been hovering below the important thing resistance of $51K for the previous week regardless of the market sentiments rising bullish within the vacation season and earlier right now it lastly managed to breach it. The highest cryptocurrency is buying and selling at $51,088 on the time of writing with a 3% enhance over the previous 24-hours.
After an eventful first quarter of 2021, the crypto market registered two huge market corrections of over 50% in the course of the second quarter. Nonetheless, issues began to look bullish once more with October as BTC and several other different altcoins hit new all-time highs, however November and December turned bearish once more.
BTC is now trying to achieve again some bullish momentum in direction of the top of December mimicking the beginning of the bull season final 12 months. The circumstances additionally appear fairly related since COVID’s new variant omicron together with rising inflation and monetary stability may once more make Bitcoin the go-to retailer of worth.
Will Bitcoin see a supercycle or 2017 like downfall?
The final bull season noticed Bitcoin rise to a brand new ATH close to $20K in December 2017. After BTC topped the bull market in December, altcoins surged to new highs within the first quarter of 2018 after which the entire crypto market entered a four-year-long bearish section.
Rather a lot has modified over the previous 12 months as BTC has now turn into a real parallel monetary funding market as in comparison with its standing as a “passing fad” and “bubble” in 2017. A lot of the establishments watched from the sidelines as retail carried the market for so long as they may. Nonetheless, establishments haven’t simply adopted bitcoin and different cryptocurrencies in 2021, they received their fingers deep with a number of new government-approved crypto ETFs launching in a variety of G-20 nations.
Crypto pundits have admitted that the $100,000 BTC price prediction was a bit far-fetched, nonetheless, they belive fundamentals and markets have turn into robust sufficient to hold the bull run into 2022.
The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.