Bitcoin Halving and ETF Applications Set the Stage for Bitcoin’s Future
The upcoming Bitcoin halving in April and the pending decisions on spot Bitcoin exchange-traded funds (ETFs) are expected to be major catalysts for the cryptocurrency market in the coming year. These events are likely to attract buyers and drive Bitcoin’s price higher.
ARK Invest, led by Cathie Wood, has been gradually selling shares of the Grayscale Bitcoin Trust (GBTC) in recent weeks. However, they still hold a significant number of GBTC shares, indicating their long-term bullish stance on Bitcoin.
Bitcoin Price Analysis
Bitcoin recently broke through the resistance level at $37,980, but it is struggling to sustain this breakout. The moving averages are pointing upwards, indicating that the path of least resistance is to the upside. If buyers can maintain the price above $37,980, Bitcoin could reach $40,000 or even higher.
Ether Price Analysis
Ether broke above a key resistance level on November 22, suggesting a potential upward move. The bulls are trying to establish this resistance as support, which could lead to a rally towards $2,200. However, if the price falls below $1,900, this bullish view will be invalidated.
BNB Price Analysis
BNB briefly surpassed $235 but failed to overcome the obstacle at the 20-day EMA ($239). This indicates that bears are attempting to take control. If the price breaks below the crucial support at $223, it could drop further to $203. On the other hand, sustained buying pressure could push BNB above the 20-day EMA and keep it within a range between $223 and $265.
XRP Price Analysis
XRP is attempting to rise above the 20-day EMA ($0.62), indicating strong buying at lower levels. The short-term trend remains range-bound, with a potential swing between $0.56 and $0.74. To indicate a new up-move, the price must rise and sustain above the 20-day EMA. Conversely, a drop below $0.56 could lead to a sharper correction towards $0.46.
Solana Price Analysis
Solana has been struggling to break above the $59 resistance level, but bulls have not given up ground to bears. The rising 20-day EMA and positive RSI suggest that bulls have the upper hand. A breakthrough above the resistance could propel Solana towards $68, while a drop below the 20-day EMA may lead to support at $48.
Cardano Price Analysis
Cardano has been trading around the $0.38 level, showing uncertainty about its next move. The upsloping moving averages and positive RSI give a slight edge to bulls. A rise above $0.40 could signal a new upward move to $0.42 and eventually $0.46. On the other hand, a drop below $0.34 may result in a fall to the 50-day SMA ($0.31).
Dogecoin Price Analysis
Dogecoin has maintained its position above the 20-day EMA ($0.08) but lacks momentum for further gains. Buyers need to push the price above $0.08 for strength and a potential surge towards $0.10. However, if bears remain active at higher levels, the price could drop to immediate support at $0.07.
Toncoin Price Analysis
Toncoin is attempting to break above the resistance zone of $2.59 to $2.77. A sustained move above this level could lead to a new uptrend towards $3.28 and eventually $4.03. However, if the price fails to break the resistance, it may drop to the 50-day SMA ($2.20) and potentially lower.
Chainlink Price Analysis
Chainlink is facing selling pressure at the downtrend line, but bulls are not giving up. The price is stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83, indicating a potential breakout on either side. A surge above the downtrend line could push Chainlink towards $16.60 and $18.30, while a decline below $12.83 may lead to a drop to the 50-day SMA ($11.21).
Avalanche Price Analysis
Avalanche has reached an important resistance level at $22, where bears are expected to defend strongly. If bulls can hold their ground, it increases the chances of a break above $22 and a climb towards $25. On the downside, the 20-day EMA ($18.40) is a key support level, and a drop below it could indicate a deeper correction.
Hot Take: Crypto Market Poised for Bullish Surge in 2022
With upcoming events like the Bitcoin halving and ETF decisions, as well as technical indicators pointing towards bullish trends in various cryptocurrencies, the crypto market is poised for potential growth in 2022. While there may be short-term retracements and battles between bulls and bears at key levels, overall sentiment remains positive for Bitcoin and major altcoins.
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