The Bitcoin Price broke the $ 50,000 mark for the first time in a week. The price has been around $ 46,000 in the last few days. The surge could be a harbinger of new Bitcoin rallies. Because the first quarter of 2022 could make up for the lack of price explosions of the last 2 months.

In the last few days, the Bitcoin price fluctuated again and again between 46,000 and 47,000 dollars. The price tested the lower resistance several times. Had that resistance been broken, Bitcoin could have plunged as low as $ 40,000. But now the bottom of the major market correction seems to have been reached.

As early as Tuesday we saw the price rise to as much as $ 49,000. The price stabilized for a day before rising to over $ 50,000 on Thursday. This brought about a small rally that was already predicted due to the stable lower resistance at $ 46,000.

A prerequisite for this to happen is that we should have exceeded $ 50,000 again by Christmas. This requirement was just met!

Now we hope that the breakthrough will trigger strong support that can bring the Bitcoin price close to $ 60,000. We only have one week left until the end of the year, but a strong increase in value in a short period of time does not seem to be ruled out. The fundamental data of the Bitcoin blockchain are excellent at the moment and suggest that the coin is undervalued.

The first quarter of 2022 could now be the time when we see a parabolic rise in the Bitcoin price. This final run already took place in 2013 and 2017. However, at that time the fourth quarter was the time of major price increases. This run could have been postponed in the current cycle.

Every Bitcoin cycle is different. This statement led some bearish investors to proclaim the $ 68,000 from November as a Bitcoin price peak. So we are already at the beginning of the long-term bear market. Bitcoin fundamentals and the price chart do not suggest this. A longer cycle, on the other hand, seems more likely. So the big run could begin in January.

------> You can purchase Bitcoin on  Binance,  Coinbase,  Kraken, and  Bitfinex <------

After an impressive recovery, Bitcoin managed to flip all skeptics and surge back. Many traders expected that Bitcoin prices were going to sink further or even consolidate further around its 30K mark. On the contrary, Bitcoin and the entire cryptocurrency market managed to show great signs of a comeback and rallied back well above the 40K mark. Today, we are witnessing again a price of Bitcoin 50K, and it seems like it is eyeing its previous all-time high price of 65K. Can Bitcoin still go higher? Should you even consider buying Bitcoin at that high price?

Ever since May 2021, prices have tumbled very low and reached a bottom of USD 28,700 from its all-time high price of USD 65,000. Prices started to go lower and entered a downtrend channel. On July 20th, after reaching the bottom for the last time, prices skyrocketed to reach within a week USD 40,000. After a brief correction, prices continued on their uptrend and are almost around the Bitcoin 50K mark.

A confirmation of the end of the downtrend can be clearly seen at the beginning of August 2021, where prices lingered for a brief while before continuing higher in figure 1.

Looking at how BTC prices are increasing along with the critical level it reached, it might be a dangerous move to place a buy order at current prices. In fact, this zone represents a strong resistance, and prices are likely to adjust following this extended uptrend.

Plotting the Fibonacci Retracement can show a potential harsh adjustment towards the USD 45,000 as a first step, and towards the USD 41,800 as a harsher adjustment.

In the past 7 days, the cryptocurrency market rose and breached the USD 2 Trillion market capitalization. The top gainers are AVAX, AUDIO, and AR. They gained respectively 165%, 90%, and 85%. On the other hand, CEL, BTT, and HOT lost the most, specifically -7% each.

1- Bitcoin (BTC) : + 5.05 %

2- Ether (ETH) : + 0.73 %

3- Cardano (ADA) : + 12.42 % 

4- Binance Coin (BNB): + 11.37 % 

5- Tether (USDT) : 0 %

6- Ripple (XRP) : + 2.61 %

7- Dogecoin (DOGE) : + 12.47 % 

8- Polkadot (DOT): + 26.67 %

9- USD Coin (USDC) : + 0 %

10- Solana (SOL) : + 71.80 % (new comer)

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Rudy Fares