Can You Expect Bitcoin Return to 50K This Year?

What will it take for Bitcoin to return to the $50K price level this year? According to various cryptocurrency market analysts who have been closely following BTC/USD over the last few months, a more realistic projection would involve Bitcoin settling around the $46,500 line of support, but it this would entail considerable volatility in the months to come.

One of the most intriguing market observations has been the record-breaking performance of Bitcoin last year, which not many analysts believe it will be repeated in 2022. One analyst has gone so far as to proclaim that BTC/USD has already established an all-time high price level after almost hitting the $69K line. In fact, this analyst is calling for a price rally to the $50K mark within the next 10 months.

It all seems rather incredible when viewed in the context of the bearish market that has endured since the beginning of the New Year. However, such strong action and sentiment seems to suggest that, although the outlook for Bitcoin may be murky, the sentiment around the cryptocurrency is now beginning to shift. While that is welcome news, the sentiment surrounding this asset could easily run dry and become extremely negative once investors begin to feel that the bottom is in sight and a new market high is imminent.

A lot can change over the next three months, but the price chart for Bitcoin suggests that traders should brace for bearish action before a slow rally can form. The first time a market analyst or journalist spoke about the potential for a $50,000 price level for Bitcoin this year was January 10; that price level was established several times in 2021.

Institutional investors have been looking forward to a $50K support level since December. However, this expectation seems to have been put on hold as the market has failed to rally in a manner that could not be more contrary to expectations. The bottom line of current projections is that day traders are the ones who stand to risk the most because long-term investors are not going down without a fight. Based on this forecast, BTC getting to $50K this year is very possible, but it will not be easy for all investors.