On Tuesday, the crypto market, as a result of daily oscillations, ended up fluctuating unfavorably for the majority of cryptocurrencies. Currently, the global crypto market cap stands at $2.31 trillion, losing 3.67%. Today, Bitcoin fell by more than 3%. Ethereum was down 4% to $3,906, with major altcoin trading in the red.
Bitcoin’s price attempted to break through the $51,800 resistance level once more. BTC reached a high of $52,000 when the bears took a stance. A double top pattern appears to be emerging near $52,000.
A new low was set near $52,111, and the price began to fall again. The support levels of $51,200 and $50,500 were breached. On the hourly chart of the BTC/USD pair, there was also a breach below a significant bullish trend line with support near $51,200.
Near the $49,500 level, there is instant support. Near $49,000 is the first big support. If bitcoin can stay above the $49,500 support level, it may begin to rise steadily. Near the $50,000 mark, there is immediate upside resistance. Followed by resistance at $50,800 and $51,800.
BTC Price Prediction for 2022
Woo discusses his expectations for the top cryptocurrency in 2022 in an interview with Peter McCormack on the What Bitcoin Did podcast.
When it comes to the types of price spikes Bitcoin has historically been capable of, Woo says a move from BTC’s current ATH of $69,000 to, say, $100,000 would be nothing.
“…You know, let’s face it, $69,000 to $100,000 is nothing. It’s only like a 50% gain for Bitcoin, which it does quite readily.”
When asked about the potential heights of Bitcoin’s all-time highs in 2022, Woo cites the stock-to-flow (S2F) model, which forecasts an asset’s price by comparing the quantity of new supply entering the market to the amount of supply currently in place.
The on-chain analyst thinks that the S2F should operate as an anchor on Bitcoin, seeing the price go above and below but averaging out at the $100,000 level in the long term.
“I would say we will be right in the middle of it.It’s like $100,000 by the end of next year.”