Today, on the first working day of the New Year, we bring to your attention our Bitcoin forecast for half a year. On the chart you can see the price fractal. It was copied from December 2018. This pattern, which has been working quite successfully for several weeks in the cryptocurrency market.
A positive Bitcoin forecast is realized above $48700
According to this fractal, buyers will try to accelerate and consolidate the price of Bitcoin above $48700 in the coming days. If this maneuver fails, a smooth descent of BTC price to the lower point of $44700 will be activated.
However, according to the same fractal, other cryptocurrencies should start feeling better than Bitcoin price. Capital may begin to flow smoothly into other cryptocurrencies and the final stage of preparation for the alt-season will take place.
It will be a good call if individual alts start to shoot up one by one and the only difficult task will be to guess which alt will shoot up next to buy it in time.
Most analysts expect Bitcoin to fall
While it was a New Year weekend, we read some analytics of other specialists and their mood is pessimistic. Well, we’ll try to go against the market mood and publish a mega positive scenario)
According to this prediction, the BTCUSDT price can reach $136000 by summer 2022, what will happen with viola at such theoretical growth, I can’t even imagine. But we also need to consider Bitcoin’s dominance in the cryptocurrency market.
Bitcoin’s dominance has a good chance of starting to rise
Analyzing the Bitcoin Dominance movement chart, you can see that the indicator is now on the lower edge of consolidation. That’s where Bitcoin’s price is also at. If in the next week we will see a confident growth of Bitcoin price and its domination – it will mean a new wave of growth for the whole cryptocurrency market. Yes, it is bitcoin that should show good growth first. At that time, other cryptocurrencies will lag a little behind. Unfortunately there is not enough capital for everyone right now. But then we will expect other cryptocurrencies to rise again. At the moment, we should either wait for Bitcoin to break up to $48600 or test the $44600 level.