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 at present it lastly managed to breach it. The highest cryptocurrency is buying and selling at $51,088 on the time of writing with a 3% improve over the previous 24-hours.
After an eventful first quarter of 2021, the crypto market registered two huge market corrections of over 50% through the second quarter. Nonetheless, issues began to look bullish once more with October as BTC and a number of other different altcoins hit new all-time highs, however November and December turned bearish once more.
BTC is now seeking to achieve again some bullish momentum in direction of the tip 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 might 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 part.
Quite a bit 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. Many of the establishments watched from the sidelines as retail carried the market for so long as they might. Nonetheless, establishments haven’t simply adopted bitcoin and different cryptocurrencies in 2021, they bought their palms deep with a number of new government-approved crypto ETFs launching in plenty 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.
Disclaimer
The offered content material could embrace 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 to your private monetary loss.
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