Saturday, January 22, 2022

Bitcoin Price Drop Just a Stopping Point on the Way to $3000

Bitcoin Price Drop Just a Stopping Point on the Way to $3000

Bitcoin has consolidated a new scenario at $2000 USD to challenge $3000 after a zig zag bouncing. Did the weekend price drop scare you? You’re probably not alone. In our analysis though, hodlers will still be grateful.

Also read: We Agree With Fred Wilson: Still a Long Road Ahead for Bitcoin

Long-Term Analysis

Bitcoin price technical analysis
All bitcoin price charts in this article are provided by BitKan

After the rally started at $850 and ended at $2760, active Fibonacci theoretical retracement numbers were able to descend to $2000, $1800 and even $1575. Without canceling the upward movement they started on the way to $3000 and beyond. A new scenario is enabled, and every projection should take in account these bouncing points reinforcing the former resistance at $1600 which has now transformed into a strong support.

Mid-Term Analysis

Bitcoin price technical analysis

We calculated several intermediate objectives as resistance. They’re theoretical bouncing points today in a zig-zag area that could be estimated as an accumulation zone around $2200, to go up again toward $3000. Quotes are still bullish, even though some are taking profits on the way to the new theoretical supports. Meanwhile, volatility has increased and volume is fluid because of the continuous income of new enthusiastic operators from all over the world — turning the profit-taking in a lateral sideways market.

Short-Term Analysis

bitcoin price technical analysis

Every news and political factor is now processing as a bullish sign, and at this particular moment bitcoin is in the center of interest. It’s attracting different kinds of investors — just as Nasdaq did at the time it started. According to Gann Angles Theory quotes, it would consolidate this new price level over $2000 to keep on climbing up after a bouncing time, with a nearby objective at $3000 and more. Do you have the stomach for it?

What do you think will happen to the bitcoin price? Share your thoughts down below

Image via Pixabay

This article is sponsored by BitKan. BitKan provides up-to-date and accurate information regarding the bitcoin price, Bitcoin related news, and bitcoin mining statistics. BitKan also has an over-the-counter bitcoin exchange, where traders can arrange direct transactions with each other in a peer-to-peer manner.

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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