Bitcoin (BTC) price likely to bottom between $42k-$37.5k, here’s why

By Sunil Sharma
Published January 7, 2022 Updated January 7, 2022
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Bitcoin (BTC) price likely to bottom between $42k-$37.5k, here’s why

By Sunil Sharma
Published January 7, 2022 Updated January 7, 2022

Is the ongoing Bitcoin (BTC) price dump a buying opportunity or are we actually staring at a winter season in crypto? With Bitcoin price fear index at 18, the market sentiment is no doubt extreme fear. While most crypto analysts have confirmed the onset of bear market, here are analysis of few pro crypto analysts who believe the bottom is near than many think.

Are you buying the dip? Analysts predict $100k in 2022 still in play

One among the known crypto analysts on twitter who has nearly 200k followers, has shared his analysis and predicted that Bitcoin price will likely bottom anywhere between $42k-$37.5k. He confirms through his analysis that a Bitcoin (BTC) price of $100k is still on cards in 2022.

The analyst compares the ongoing price action to the price action in between May, 2019-July, 2019. Looking at charts one can confirm that yes Bitcoin price structure outlines in 2019 is actually very similar to the current BTC price action. This was actually the time in 2019 when Bitcoin price jumped from $9000 to $19000.

Another crypto analyst by the twitter user name credible crypto with more 200k followers confirmed the prediction by @smartcontractor & said that Elliot wavers are the only remaining bulls on crypto twitter.

At the time of reporting Bitcoin price is at $42,250 and may retest the next support on 4 hr time frame at $39, 400. The range between $39,400-$37,500 is very crucial for Bitcoin (BTC) and if there is any bullish action left we might see it here.

6,000 Bitcoin bids on FTX between $39-41k

Another reason to believe analysis of both above crypto analysts is true is that between $39,000-$41,000 there are around 6,000 BTC bids waiting to be filled. If filled we will soon see a relief across crypto market. So, again as mentioned earlier if you’re looking to buy Bitcoin or long Bitcoin these two key regions you should keep a check on, $39,400 & $37,500.

Bitcoin Price

While many in the CT have already turned bearish the above analysts still believe that Bitcoin price can still reach $100k in 2022. Do let us know what you think in the comments below. Do not forget to follow us at @coingapemedia for latest crypto updates.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
294 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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