Bitcoin supporters have eventually made themselves believe that no massive spike is going to happen for Bitcoin prior to the year’s end. In fact, they have come to believe that Bitcoin enters into 2022 with a price range of not below US$40,000 and not above US$50,000.
In the meanwhile, a report has been authored by Delphi Digital. In this report, the report denies happening of any commendable surge for Bitcoin in the future before 2021’s end. Instead, the report claims that the two leading crypto coins, Bitcoin and Ethereum, might see a further decline in their values.
But there was a slight push to the entire crypto-economy, which became apparent on the 15th of December, 2021. It was perhaps because of the Federal Open Market Committee’s meeting at which the crypto community was keeping an eye. In the meeting, it was discussed whether rates of interest should be increased or not for countering inflation. However, it was decided not to increase the rates at the moment. This non-increment of interest rate rallied the crypto market, including Bitcoin, wherein Bitcoin gained about US$ 2,000.
A vast majority of the crypto community believes that if not in 2021, the surge will surely come right at the beginning of 2022. According to data, however, this is not the case. Instead, Bitcoin’s progressive and movement graphs suggest that the surge will surely come but not at the beginning of 2022. Analysis of Jarvis Labs suggests that surge is likely to take place at the bottom of Q1 of 2022 or after.
Jarvis argues that presently Bitcoin investors are grabbing the opportunities of buying the dip. The coins that are being sold in the market are of Bitcoin whales. Jarvis points out that none of the holders are selling their coins because they simply can’t. They would only sell their coins if they are able to sell them at the price of US$ 53,000 or more. Jarvis then concludes that traders need to be careful and wait until Bitcoin flips that price range.
Jarvis was of the further view that Bitcoin’s new local bottom price range is between US$ 40,000 to US$ 42,000. It further warned that Bitcoin urgently needs to cross the price threshold of US$ 53,000 as early as possible. Otherwise, even after Q1, it wouldn’t be possible to see any appreciating value change for Bitcoin.
Currently, the Bitcoin intraday movement suggests that the price would further decline with an average of 3.80%. As of this time, the trading price of Bitcoin is US$ 46,916. After crossing US$ 3 Trillion, the global crypto economy has gone back to US$ 2.2 Trillion. The recent crypto market fall has taken away at least US$ 1 Trillion out of the crypto economy. However, Bitcoin is successfully maintaining its dominance in the economy with an average of 41%.