Crypto

The cryptocurrency market is back in the red

Bitcoin (BTC) was unable to consolidate above $ 51,000 after breaking key resistance yesterday. The top cryptocurrency has slid below $ 50,000 and is currently trading at $ 49,344, down 4% in the last month.

The Bitcoin a connu une phase baissière depuis qu’il a atteint a sommet historique in October, près of 69,000 $, et malgré les experts du marché qui prevoyaient a third quarter moved, the BTC, comme plusieurs autres altcoins, s’est consolidated from. Many analysts had predicted a 6-digit price for BTC by the end of 2021. However, as we move into the last week of the year, BTC has shown little sign of increasing except for a few bullish streaks.

Besides bitcoin, the rest of the cryptocurrency market is in the red, with the exception of some altcoins. Ethereum (ETH) has fallen below the critical support level of $ 4,000 and is currently trading at $ 3,945. Among the top five cryptocurrencies in terms of market capitalization, Binance Coin (BNB) was the only altcoin to show green price dynamics. BNB is currently trading at $ 550, up 1% in the last 24 hours. However, BNB will not be able to stay green for long if the cryptocurrency market corrects further.

Can Bitcoin (BTC) Regain Rises in 2022?

If we compare the current bull market with the previous one, the price patterns have been quite different. BTC reached a new ATH at the end of December 2017 and most of its gains have been achieved in the last two weeks. As altcoins surged after the bitcoin market peaked. Compared to the bull cycle of 2021, the cryptocurrency market has shown more stability and tremendous price momentum where even market corrections of up to 50% have not affected many investors.

Market experts expect the BTC rally to continue into 2022 and believe that we are in a super cycle where the current price momentum more closely mimics the year before the bull run and the actual bull run would begin in 2022. Bitcoin is found currently in a semi-bullish zone and Santimant’s analysis shows steady circulation so market sentiment has yet to turn red. Therefore, the year 2022 remains promising for the cryptocurrency market.

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