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Invesco strategist Paul Jackson said that Bitcoin could fall below $30,000 and he gives it a 30% chance of happening. "The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash," Jackson said in a note, Business Insider reported.

Seba Bank CEO Guido Buehler said to CNBC that the firm’s “internal valuation models indicate a price right now between $50,000 and $75,000. I’m quite confident we are going to see that level. The question is always timing.” Goldman Sachs and Bloomberg Intelligence’s Mike McGlone are uber bullish on Bitcoin as they expect the price to reach $100,000.

We had mentioned in our previous analysis that Bitcoin could pick up bullish momentum if it breaks above £32,353.68. Although the price sneaked above this resistance on January 12 and 13, the bulls could not sustain the higher levels.

This suggests that bears continue to sell on rallies. The failure to rise above the resistance has attracted profit-booking. The bears will now try to pull the price to the strong support at £29,000.

The moving averages have completed a death cross and the relative strength index (RSI) has dipped below 35, suggesting that bears have the upper hand. If sellers sink
the price below £29,000, the BTC/GBP could start the next leg of the downtrend.

Alternatively, if the price rebounds off £29,000, the bulls will make one more attempt to clear the overhead hurdle at £32,400. If they succeed, the pair could rise
to £34,031.76.

The trend favours the bears hence, we suggest traders remain on the sidelines. We will wait for the price to rise above the moving averages before turning positive.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Jay Hatfield, chief executive of Infrastructure Capital Advisors said: “Cryptocurrencies are likely to remain under pressure as the Fed reduces its liquidity injections.” He projects Bitcoin to end below $20,000 in 2022.

However, the bearish projections are not shared by all analysts. Bloomberg Intelligence analyst Mike McGlone said in a recent analysis that Bitcoin may find
support closer to $30,000 and Ether near $2,000. From there, McGlone expects both coins to start a bull run, with Bitcoin heading to $100,000 and Ether to $5,000.

Former Legg Mason fund manager and billionaire Bill Miller revealed in a recent interview with WealthTrack that direct and indirect crypto investments make up about 50% of his personal portfolio.

We had mentioned in our previous analysis that Bitcoin’s failure to rebound off the 200-day simple moving average (SMA) was a bearish sign and could lead to further
downside and that is what happened.

The BTC/GBP pair plunged below the strong support at £34,031.76 on January 4. This intensified the selling and pulled the pair to the strong support at £29,000. The long tail on the day’s candlestick shows that bulls are attempting to defend the level aggressively. If buyers push the pair above £32,353.68, the pair could pick up momentum and rally to the breakdown level at £34,031.76 which is likely to act as a strong resistance.

The moving averages are on the verge of forming a death cross and the relative strength index (RSI) is near the oversold zone, indicating that bears are in command.

If the price turns down from the overhead resistance, the pair could consolidate between £29,000 and £34,031.76 for a few more days. The next leg of the downtrend
could begin on a break and close below £29,000. If that happens, the pair could plummet to £26,845 and then to £21,462.10.

This negative view will invalidate if the price breaks and sustains above the moving averages.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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However, analysts remain bullish for 2022. Antoni Trenchev, managing partner of crypto lender Nexo, forecasts Bitcoin to reach $100,000 by the end of June as he expects accommodative central bank policy to continue. Trenchev said: “Cheap money is here to stay which has huge implications for crypto,” as “the Fed doesn’t have the stomach or backbone to withstand a 10%-20% collapse in the stock market, along with an adverse reaction in the bond market,” Bloomberg reported.

It isn’t that everybody is bullish on Bitcoin in the short term. Veteran trader Peter Brandt recently tweeted that Bitcoin’s bottoms usually occur after “high volume panic capitulation” and that has not yet happened.

Bitcoin turned down from the overhead resistance at £39,299 and plunged below the 200-day simple moving average on December 29.

The bulls have managed to defend the £34,031.76 support for the past few days but their failure to sustain the rebound above the 200-day SMA indicates selling by the bears at higher levels.

The downsloping 50-day SMA and the relative strength index (RSI) in the negative territory suggest that the path of least resistance is to the downside.

If bears pull the price below £34,031.76, the BTC/GBP pair could resume its down-move. The first support on the downside is £30,000 but if this level gives way, the decline could extend to £26,845.

The first sign of strength will be a break and close above £36,000. Such a move will suggest that bulls accumulated on dips to £34,031.76. The pair could then rise to £39,299 where the bears may again mount a strong resistance. A break and close above this level will indicate that the downtrend could be over.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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The US equity markets are witnessing a Santa rally but Bitcoin has been left behind as it has been trading near the $50,000 level for the past few days. As the year comes to an end, the focus shifts to what Bitcoin could achieve in 2022.

Mexico’s third-richest person Ricardo Salinas Pliego in his Twitter message called out fiat currencies, the Dollar, the Euro, or the Yen as “fake money made of paper lies.” He told investors to “steer clear of fiat money” and “invest in Bitcoin.”

Bitcoin broke and closed above the downtrend line on December 23 but the bulls could not sustain the momentum and push the price above the overhead resistance at £39,299.

This suggests that bears have not yet given up and are selling on rallies. The BTC/GBP pair has turned down from the overhead resistance and could now drop to the 200-day simple moving average.

The downsloping 50-day SMA and the relative strength index (RSI) in the negative zone indicate that bears are in control. If bears pull the price below £34,000, the
selling could intensify and the pair could extend its downtrend. Alternatively, if the price rebounds off the 200-day SMA or the support at £34,000, it will suggest that bulls are aggressively buying at lower levels. The pair could then remain range-bound between £39,299 and £34,000 for the next few days.

A break and close above £39,299 and the 50-day SMA will indicate that the downtrend could be over. The pair could then rally to £45,000 and later retest the all-time high at £51,000. We will wait for the price to break and sustain above £39,299 before recommending a trade in it.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Bitcoin is down about 19% in the month of December, dashing hopes of several analysts who were anticipating a blow-off top to end the year. The US Fed’s announcement
that it will shrink its bondbuying program and could increase interest rates three times in 2022, and the uncertainty created due to the omicron variant may have led to a risk-off environment.

However, veteran trader Peter Brandt said in a recent Tweet that Bitcoin’s “key bottoms have occurred with high volume panic capitulation” which has not yet occurred.

Bitcoin has been finding support at the 200-day simple moving average (SMA) for the past few days but is struggling to sustain the rebound. This suggests a lack of demand at higher levels. The 50-day SMA has turned down and the relative strength index (RSI) has been trading in the negative territory, indicating that bears are in control.

A break and close below the 200-day SMA will be a huge negative as that will dent sentiment further and drive away the bulls. The BTC/GBP pair could then drop to £29,000 and later to £26,845. The longer the price sustains below the 200-day SMA, the greater the possibility of an extended downtrend.

Contrary to this assumption, if the price rebounds off the current level and rises above the downtrend line, it will suggest that the selling momentum has weakened. The pair could then rise to the 50-day SMA.

A break and close above this level could open the doors for a possible rally to £45,306.70 and then to the all-time high at £51,000. We will wait for the price to bounce and sustain above the downtrend line before recommending any long trades.

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A classic bull run forecasting metric goes “full bull,” while whales look to hedge exposure to the Federal Reserve this week. Bitcoin (BTC) whales are the centre of attention this week as buying and selling habits split the BTC price narrative. New findings from on-chain analytics firm CryptoQuant show derivatives investors leading the way when it comes to bullish bets on Bitcoin.

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Bearish sentiment continued last week especially after Tuesday’s big sell off in the markets as Bitcoin once more came under heavy selling pressure.

From the dizzying heights of £51,000 made last month on November 10, this pair ended the week at £37,105 below both moving averages as the 20-day EMA finally crossed
the 100-day SMA to the downside.

This is aided and abetted by the relative strength index ( RSI ) which is currently sitting at around 34 with the bears firmly in control.

From a technical view this is backed up by the resistance and supply levels on the Fib retracements, with double confluence at the 61.8 level and MA’s.

It will be interesting to see how this chart plays out towards the end of 2021 going into the new year to see if the bulls can move price above both moving averages or
maybe a double bottom will be formed from the low of September 21 at £29,000 and support and demand area as indicated on the chart.

Fundamentally we have some big news announcements this week, with none bigger than Wednesday’s final FOMC meeting of the year to be mindful of.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Several investors were hoping for a blow-off rally in the final month of the year, but the markets had other plans. Bitcoin plunged on December 4, dragging the entire
crypto markets lower. The total crypto market capitalisation plunged from over $3 trillion on November 9 to about $2.4 trillion on December 6, according to Coingecko data.

However, early reports that the Omicron variant may be less lethal than previous variants may improve sentiment, resulting in a relief rally in Bitcoin.

The failure of the bulls to push Bitcoin above the 20-day exponential moving average (EMA) between November 29 to December 1 showed that bears are defending this level aggressively. This may have prompted selling from traders who had purchased the dip to the 100-day simple moving average (SMA). The selling intensified on a break below the 100-day SMA and the BTC/GBP pair plunged to £34,031.76.

The long tail on the day’s candlestick shows that bulls aggressively purchased the dip. But a minor negative is that buyers are struggling to sustain the bullish momentum at higher levels.

This indicates that demand dries up at higher levels. The 100-day SMA, which had been acting as a strong support till now is likely to turn into a stiff resistance.
If the price turns down from the 100-day SMA, the pair could retest the December 4 intraday low at £34,031.76. A break and close below this level could pull the pair to £30,000.

The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand. This bearish view will invalidate on a
break and close above the 20-day EMA.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.

The crypto markets nosedived on November 26 and Bitcoin plunged to a seven-week low below $54,000. The selling was triggered on reports that a new heavily mutated variant of the coronavirus was detected in South Africa. The latest fall pushed Bitcoin into the bear market territory as the price dropped more than 20% from the all-time high.

Bitcoin plunged below the strong support of £41,931 on November 26 but a positive sign is that the bulls aggressively defended the 100-day simple moving average (SMA).

The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average (EMA) on November 29.

The bears are currently attempting to stall the relief rally at the 20-day EMA. If the price turns down from the current level and breaks below £41,931, the bears will once again try to challenge the 100-day SMA.

A break and close below this level could intensify selling and the pair may drop to the £38,000 to £35,500 support zone.

Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will signal that the bears may be losing their grip. The pair could then rise to £45,306.70.

The bullish momentum could pick up if bulls clear this overhead hurdle. The pair may then challenge the £48,426.53 to £51,000 resistance zone.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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