Friday, October 7, 2022

Bitcoin Surges to $22,000, But Here’s What Analysts Are Saying

In the early hours of Monday, the world’s largest cryptocurrency, Bitcoin (BTC) surpassed the $22,000 mark. This represents a significant comeback from last week’s lows which saw BTC plunge below $18,000 – its lowest level since mid-June.

Bitcoin surpasses $22,000, but its dominance is in question

So far, the cryptocurrency has reached an intraday high of $22,206, according to CoinMarketCap data. Although it has slightly corrected as of publication, BTC is still up by roughly 12% in the last seven days. Presently, however, Bitcoin is trading at $21,820, and is up by 1.65% in the last 24 hours.

Meanwhile, despite maintaining such an impressive price action of late, Bitcoin is still struggling to keep its dominance of the market share. In the last month, Ethereum has outperformed Bitcoin on all fronts, even as the ETH/BTC ratio hit 2022’s highest mark in early September. As CoinMarketCap data suggests, Bitcoin’s dominance is down by more than 39%.

But for what it’s worth, Ethereum’s performance has been largely as a result of the hugely anticipated Ethereum Merge. And while the merge is shaping up to be the biggest crypto event this year, its positive impact on the largest altcoin cannot be over-emphasized.

What are analysts predicting?

For one, renowned Yahoo Finance analyst Jared Blikre recently took to Twitter to share that $30,000 and $40,000 could be the next upside targets for the largest cryptocurrency.  

In his Sunday tweet, he noted that Bitcoin has already formed a large base at the $20,000 level. He also said that there is “tons” of 2021 price memory from the $30,000 level and the $60,000 level. So, Blikre believes that a bullish run is well in sight. But as always, there just might be a setback.

Even if Bitcoin price truly reclaims these upside targets, traders who have now turned HODLers may be tempted to take their profits and run. Therefore, that is also an important factor that will determine the extent of this bull run.

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