At the height of the bitcoin rally, end-of-year predictions had flown around with abandon. Most had placed the price of the digital asset at $100,000 before 2021 ran out. With the movement of the asset at that point, one could easily look at those predictions and see how it could be a possibility. However, the crypto market has proved again that there is really no telling what might happen with it.
Bitcoin had ridden the wave up to $69,000 but that would prove to be the top of that rally as a crash sent the price back towards $40,000 not too long after. Now, the price of bitcoin is struggling to regain its footing above $50,000.
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Hoping To Finish At $50,000
Craig Erlam, a market analyst at Oanda, has given thoughts on bitcoin in a recent client note. The analyst noted that although many had been hoping for the price of bitcoin to finish the year above $100,000, market momentum had dashed those hopes and now a finish above $50,000 for the year is what is being hoped for.
Another analyst at Oanda, Edward Moya, notes that the digital asset had taken a beating alongside big techs which had sent its price towards its current levels. Nevertheless, the analyst added that despite this, the market continues to face a medium to long-term bullish outlook.
“The cryptocurrency space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium to long-term outlook remains strong,” said Moya.
BTC holding steady above $47,000 | Source: BTCUSD on TradingView.com