Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction

The price of Bitcoin has been recovering after a major slump into the low $30,000s. As of press time, BTC trades at $37,774 with a 1.9% profit in the last 24-hours and could see more gains in the short term. Related Reading | Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC Bitcoin’s most recent recovery could be tied to the relief in the traditional market. At the time of writing, the S&P 500 Index records a +105 points or 1.44% profit in the 4-hour chart. The cryptocurrency has displayed high levels of correlations with U.S. stocks and could continue to track them in the short term. In that sense, Bitcoin bulls could find backup on a sustained stock relief rally. Data from Material Indicators shows some resistance, in lower timeframes, above BTC’s price current levels. Therefore, $39,000, and $40,000 have become important resistance levels that need to turn into support. In case of further downside, Material Indicators records around $3 million in biding orders for Bitcoin near $36,000. These levels could operate as critical support on a bearish scenario, for lower timeframes, and must hold in order to prevent a re-test of previous lows near $33,000. In the coming months, the bullish momentum could resume at full force, according to a report conducted by Finder. After consulting with a panel of 33 experts on the potential price scenarios for Bitcoin across multiple timeframes. The c...