Bitcoin suffered significant losses at the start of 2022 but its price has since shown signs of recovery
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Bitcoin remains stubbornly immobile at the start of the week, though some crypto analysts believe it is approaching a moment of reckoning.
The cryptocurrency shifted in price by less than 1 per cent over the weekend, remaining above the key $40,000 level but failing to see any significant momentum towards recovering the losses it suffered at the start of the year.
A long term trend will soon be tested, however, potentially determining the longer term trajectory of BTC and the broader crypto market.
Popular cryptocurrency analyst and commentator Will Clemente predicted it will be an “interesting week” for bitcoin, as a long term descending trend is tested by a short term ascending pattern.
The two converging trend lines, known as a symmetrical triangle, explains bitcoin’s recent sideways consolidation, but over the coming days we should see whether this key price support is able to overcome the resistance levels.
You can follow all the latest bitcoin developments, as well as news from other leading cryptocurrencies, right here.
Bitcoin has dipped in price slightly over the last few hours, testing that key level of support mentioned earlier. This hasn’t put of one of the most popular and bullish BTC analysts, TechDev, who still predicts a significant rally before this cycle concludes.
Analysis based on the creation of new bitcoin addresses apparently suggests that “at least one more upward impulse” is on its way, “before an impulsive downtrend (bear market) begins”. Here’s his calculations:
Anthony Cuthbertson17 January 2022 15:34
Rio de Janeiro embraces bitcoin
The mayor of Rio de Janeiro has announced plans to hold 1 per cent of the city’s treasury in cryptocurrency.
Eduardo Paes is the latest politician from Latin America to embrace cryptocurrency, offering citizens of Brazil’s second largest city various benefits if they use bitcoin.
“The city also intends to offer taxpayers discounts if they pay their tax bills in bitcoin,” Simon Peters, a crypto analyst at the online trading platform eToro, wrote in a note on Monday morning. “Paes intends to turn the city into a hub of crypto innovation, with other unannounced tax innovations to encourage the crypto sector still to come in the region.”
Anthony Cuthbertson17 January 2022 11:37
Bitcoin set for ‘interesting week’
The downward trend bitcoin has experienced since hitting an all-time high back in November is about to be tested by a short term positive price trend.
Crypto analyst Will Clemente says it “should be an interesting week”, as the converging symmetrical triangle pattern comes to its conclusion over the coming days.
Failing to maintain the support could see the long-term trend continue, however breaking above the resistance level could signal and end to the bear market and give momentum back to the bulls. Either way, we should finally see some movement after several days of stagnation.
Anthony Cuthbertson17 January 2022 10:38
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to The Independent’s live coverage of the crypto market. We’ll be bringing you all the latest news, analysis and expert price predictions for bitcoin and other leading cryptocurrencies.
Anthony Cuthbertson17 January 2022 09:45
