After hitting lows of around $32, 000 in January, Bitcoin (BTC) has rebounded sharply. The coin has surged past the $40000 mark and is looking to return to $50,000 in the near term. Bitcoin, at least in the short term, also looks bullish. Here are some highlights to note:
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BTC has retreated sharply every time it has tested $45,000 as demand appears to die off at this zone.
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But the coin has found sufficient support around the $42,000 mark and remains poised to trade above that.
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At press time, Bitcoin was trading at $44,278, up by about 5% in 24-hour intraday trading.
Data Source: Tradingview.com
Bitcoin (BTC) – Can it swing by 15% today?
After surging by nearly 5% over the last 24 hours, Bitcoin (BTC) has approached a crucial zone. As noted above, the coin has fallen sharply when it has tried to rise above $45,000 before.
But this time it could be different. First, it seems like the security risks in Europe are starting to ease off. But more so, we have seen a decisive climb above the $42,000 support. This could indicate that there is enough bullish momentum to take BTC above the $45, 000 threshold and even beyond that.
But if it falls below $42,000, more weakness will follow, with a drop below $40,000 quite feasible.
Is Bitcoin (BTC) a good buy now?
Estimates in 2022 show that Bitcoin will end the year on a high. Some analysts are in fact, looking at $100,000 by mid-2022. There are of course, many downside risks to that. But BTC remains the gold standard in the crypto market.
While it may not deliver insane returns like newer altcoins, it can offer superb and steady long-term growth, especially for investors who want to diversify their portfolios.