Following the $41,000 break, the Bitcoin and cryptocurrency price prediction shows BTC dropping heavily after getting rejected at $42,237.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $37,000, $35,000, $33,000
BTC/USD is now showing heavy negative signals after touching the daily high of $42,237 today. The Bitcoin price fail to make any ground towards the upper boundary of the channel.
Therefore, the coin is dropping heavily with a loss of 1.68% within the 24 hours of trading as it touches the daily low of $40,505.
Bitcoin [cryptocurrency] Price Prediction: Bitcoin Price Ready to go Lower
The daily chart reveals that the Bitcoin price continues to develop some signs of weakness since the past few days.
Therefore, the resistance provided during the European session continues to fail each time it attempts to break, and close above the channel. However, the market price remains bearish as the signal line of the Relative Strength Index (14) moves into the oversold region.
In the meantime, the Bitcoin price needs to break the $43,000 resistance to make the market bullish in nature. But, if the sellers push the market price beneath the support at $40,000, the next level of support could lie at $38,000. Wherefore, beneath this, additional supports could be found at $37,000, $35,000, and $33,000 respectively.
Moreover, should in case the bulls regroup and push higher, the Bitcoin price could hit the potential resistance levels at $45,000, $47,000, and $49,000.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, BTC/USD is trending in a downward channel formation. During the European session today, the Bitcoin (BTC) touches the high of $42,200 before retreating to where it is currently changing hands at $41,067. Further bearish movement could locate the support level at $39,500 and below.
However, the technical indicator Relative Strength Index (14) is recovering from the oversold region, now moving above 30-level.
However, the Bitcoin price is rising towards the 9-day MA; further bullish movements could push the price to the potential resistance level at $42,500 and above
According to our current Bitcoin price prediction, the value of Bitcoin will drop by -0.97% and reach $ 41,400 by January 13, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing Extreme Fear.
Bitcoin recorded 11/30 (37%) green days with 4.62% price volatility over the last 30 days. Based on our Bitcoin forecast, it’s now a bad time to buy Bitcoin.
Comparing Bitcoin against other important technological innovations and trends is one way of predicting where the Bitcoin price could head over the long term. The following table shows what the Bitcoin price would be if its growth trajectory followed the growth of the internet, or large tech companies like Google and Facebook in their growth phase.
Based on data from January 08, 2022 at 23:35, the general Bitcoin price prediction sentiment is bearish, with 8 technical analysis indicators signaling bullish signals, and 25 signaling bearish signals.
Bitcoin price prediction was last updated on January 08, 2022 at 23:35.
Bitcoin Key Price Levels
Based on today’s classical pivot point (P1) with the value of $ 41,890, Bitcoin has support levels of $ 40,642, $ 39,772, and the strongest at $ 38,524. Similarly, Bitcoin resistance levels are at $ 42,760, $ 44,008, and $ 44,878.
Over the past 7 days, Bitcoin price was most positively correlated with the price of Wrapped Bitcoin (WBTC), Huobi BTC (HBTC), renBTC (RENBTC), Bitcoin Cash (BCH) and Holo (HOT) and most negatively correlated with the price of Compound USD Coin (cUSDC), Osmosis (OSMO), ChainLink (LINK), APENFT (NFT) and Cosmos (ATOM
Bitcoin price is positively correlated with the top 10 coins by marketcap with a value of 0.964, excluding Tether (USDT) and positively correlated with the top 100 coins by marketcap excluding all stablecoins with a value of 0.737.
Currencies that are positively correlated with Bitcoin indicate that the movement of one has a statistically significant weight to lead the other in the same direction. For currencies that are negatively correlated with Bitcoin, a move in one direction for Bitcoin would translate into a move in the opposite direction for the negatively correlated coin.
The Bitcoin price forecast for the next 30 days is a projection based on the positive/negative trends in the past 30 days.
What is Bitcoin’s price prediction today?
Based on our Bitcoin price prediction, the price of Bitcoin will decrease by -0.97% and reach $ 41,400 by January 13, 2022.
What is the current Bitcoin sentiment?
The current Bitcoin sentiment is bearish according to our technical analysis. The majority of technical indicators are showing sell.
How to predict cryptocurrency prices?
You can predict cryptocurrency prices by considering both on-chain and off_chain metrics, as well as technical indicators that take into account Bitcoin’s past price performance. Another tool you can use is to gauge the market sentiment to see whether investors are optimistic or pessimistic about Bitcoin.
Keep in mind that there is no way to predict the future with 100% success, and past performance is no guarantee of future results.
Is it profitable to invest in Bitcoin?
Over the last 30 days, Bitcoin had 11/30 (37%) green days. According to our historical data, it is currently not profitable to invest in Bitcoin. The price of Bitcoin increased by 11.61% in the last 1 year, while the coin’s 3-year performance is 951.93%.
What are Bitcoin’s key price levels?
The key price level for Bitcoin are the $ 40,642, $ 39,772 and $ 38,524 support levels and the $ 42,760, $ 44,008 and $ 44,878 resistance levels. Price breaks from those levels could indicate higher volatility in the coming days.
Is Bitcoin a good buy in 2022?
Based on multiple technical quantitative indicators, the current forecast for Bitcoin in 2022 is Bearish. This could be an indication that Bitcoin is a bad buy in 2022. However, it’s important to consider both technical factors (price history) and fundamental factors (on-chain activity and development) before making the decision to buy Bitcoin or not.
How is Bitcoin correlated to other assets?
Bitcoin is most positively correlated with Wrapped Bitcoin (WBTC), Huobi BTC (HBTC), renBTC (RENBTC), Bitcoin Cash (BCH) and Holo (HOT).
Positive correlation means that these coins commonly trend in the same direction at the same time. Bitcoin is most negatively correlated with Compound USD Coin (cUSDC), Osmosis (OSMO), ChainLink (LINK), APENFT (NFT) and Cosmos (ATOM), which means that the Bitcoin price typically moves in the opposite direction compared to these coins.
What will the price of Bitcoin be next week?
According to our Bitcoin forecast, the price of Bitcoin will decrease by -0.97% over the next week and reach $ 41,400 by January 13, 2022.
What will the price of Bitcoin be next month?
According to our Bitcoin forecast, the price of Bitcoin will increase by 15.06% over the next month and reach $ 48,103 by February 7, 2022.