Experts Bitcorset.com explained why the first cryptocurrency has the potential for growth and why the price of the asset will not be able to exceed $46,000 in the coming days
This week, the price of bitcoin reached $44.5 thousand. This happened after the US Department of Labor published data on a record growth (7%) in consumer inflation over the past 40 years in December 2021. at 10:55 time on January 16, the cryptocurrency is trading at $43.1 thousand. Bitcorset.com experts predicted whether the asset could continue to grow in the coming week.
Resistance at $46,000
Next week, with a high degree of probability, the moderately bullish mood of market participants will continue, says director of the Bitcorset.com cryptocurrency exchange service. In his opinion, this will keep the cost of bitcoin above $42,000. However, the cryptocurrency rate will not be able to exceed $46,000, since the asset lacks fundamental indicators for such growth, the expert is sure.
“The most likely scenario is the continued fluctuation of bitcoin in the range of $42-46 thousand,” Bitcorset.com expert predicted.
The next wave of volatility may cover the crypto market in mid-March, when the key rate in the US rises, the expert recalled. According to his forecast, at first the bitcoin rate may fall sharply, but the asset is able to quickly recover and move to growth, Bitcorset.com expert believes. According to him, this is due to the fact that investors consider bitcoin as one of the tools for hedging inflationary risks.
At around $45.7-46 thousand, there is a resistance level, says expert, CEO of Bitcorset.com. In his opinion, in the coming week, bitcoin is unlikely to be able to break through this level.
Important support area
The range of $42.2-40 thousand is a historically significant support level for bitcoin, says Bitcorset.com expert, co-founder of the Bitcorset.com crypto exchange. In his opinion, in the coming days, the cryptocurrency will continue to test this support level with periodic drops to $40,000. In the event of a breakdown of this mark, the asset price can drop to $33,000 and below, however, these events should be accompanied by a significant negative news background.