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Analyst suggests Bitcoin has already ‘bottomed out’ as BTC continues trading sideways

Analyst suggests Bitcoin has already ‘bottomed out’ as BTC continues trading sideways

The cryptocurrency market has remained relatively calm at the start of the year, with no significant price fluctuations coming from any of the big cryptocurrencies. 

As of Wednesday, January 5, Bitcoin (BTC) has been trading in a tight range of $45,000-$52,000 since early December, with very light volume in recent days.

Currently, the price of BTC is trading near the lows of that range at $46,425, up 0.30% in the last 24 hours and down 2.73% across the previous week, according to CoinMarketCap.

BTC 1-day price chart. Source: CoinMarketCap

The total market capitalization of Bitcoin stands at $877 billion, with a total market dominance of 39.3%.

Leading crypto figures give their estimates for 2022

Interestingly, prominent crypto trading analyst Michaël van de Poppe has highlighted the $48,000 zone as an important resistance level to break past. He stated:

“This scenario is still standing, but it might be that we’ve hit the low already for Bitcoin. Only concern; didn’t really take the liquidity beneath the lows.”

BTC/USDT chart. Source: Michael van de Poppe

Elsewhere, the founder of cryptocurrency lender Nexo, Antoni Trenchev, is the latest industry expert to predict that Bitcoin will hit six digits this year. Trenchev stated that the $100,000 price objective for Bitcoin, which many experts predicted would be reached by the end of 2021, is still in play for 2022.

“Every time investors in the broader community write off Bitcoin, it outperforms significantly. This has been the case in 2020 when it rallied close to a 1,000%, and on top of that, it rallied another 63% [in 2021]. I’m quite bullish on Bitcoin. I think it’s going to reach 100k this year, probably by the middle of it,” 

Trenchev believes Bitcoin will exceed $100,000 by mid-2022 for two reasons:

“We see institutional adoptions persevere quietly companies building out their treasuries filling it with Bitcoin. And also, the broader theme of macroeconomic realities and cheap money, in my opinion, is here to stay, which is great for crypto, which is an inflation hedge and gold 2.0.”

Indeed, the momentum has carried over from 2021, which witnessed great institutional and retail interest — as seen on Monday by former First Lady Melania Trump’s celebration of the one-year anniversary of Bitcoin. Melania Trump is launching a non-fungible token (NFT) platform on the Solana blockchain. It’s possible that her sudden post about Bitcoin is a promotional ploy to draw attention to her NFT platform.

The global crypto market

In recent days, the value of Ethereum (ETH) has fallen below the $4,000 barrier that it had managed to maintain for so long; the cryptocurrency has moved by a little more than 1% in value.

Meanwhile, the total market capitalization of cryptocurrencies is $2.23 trillion, representing a 0.3% gain over the previous day. 

The crypto market cap 1-day chart. Source: CoinMarketCap

Over the past 24 hours, volume is $86.12 billion, representing a 20.39% fall from the previous day. DeFi is presently $15.23 billion, accounting for 17.69% of the total 24-hour volume in the cryptocurrency market, whereas the volume of all stable currencies is now $67.23 billion, 78.07%.

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