Bitcoin Price Analysis: BTC Jittery As It Pushes Above $42,500

Daily Bitcoin BTC Price Forecast

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Last Updated January 12th 2022
5 Min Read
  • The Bitcoin price failed to push back to $42,000 as sellers could drive the price even lower. 
  • The current session sees buyers and sellers struggling to take control, with market watchers keenly keeping tabs on BTC’s price fluctuations. 

The Bitcoin price has registered a marginal increase during the current session, as buyers and sellers struggle to take control of the current session. BTC had registered a drop of 3.66% on Friday, falling to $41,603. The price recovered over the weekend, rising by 0.39% on Saturday and then pushing up by 0.93% on Sunday to end the weekend at $42,158. However, the price fell back in the red on Monday, dropping by 1%, before registering a marginal increase during the current session. 

Bitcoin Price Chart Shows BTC Has Pushed Above $42,000

The Bitcoin price started the previous week in the red, dropping by 1.28% on Monday and settling at $46,711. The price continued to drop, falling by nearly 2% on Tuesday and settling at $45,871. Wednesday saw the price register a significant drop, as BTC fell by nearly 5%, falling to $43,672. BTC continued to drop on Thursday, falling by 1.12% and settling at $43,184.

Image: BTC/USD daily

BTC/USD daily chart 011222

After dropping to $43,184 on Thursday, the Bitcoin price continued to drop on Friday, as it fell by nearly 4%, falling to $41,603. The price recovered over the weekend, rising by 0.39% on Saturday and then rising by 0.93% on Sunday to end the weekend on a positive note at $42,158. ETH fell back in the red on Monday, as BTC fell by 1% to $41,735, before recovering during the current session and pushing above $42,000.

We can see that the MACD and Parabolic SAR are both bearish, but if the price continues to push higher, we could see them flip to bullish.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $47,851. At this price level, over 1.8 million addresses have sold more than 790,000 BTC.

Image: IntoTheBlock 

BTC/USD volume chart 011222

Looking at the 4-hour Bitcoin price chart, we can see that BTC had moved to $43,465 on the 6th. The price fell from this level, dropping to $41,728 and then to $41,366, before registering a gradual increase and pushing to $42,028 on the 8th. BTC fell back from this level to $40,915 before pushing up to $41,914 on the 9th. The price then pushed above the 20-bar SMA, rising to $42,792, but could not stay at this level and dropped to $41,936. BTC continued to drop from this level, slipping below the 20-bar SMA on the 10th and falling to $40,993. The price recovered from this level, pushing back above the 20-bar SMA to $42,296 and then moving to its current level of $42,344.

We can see that the Parabolic SAR has flipped to bullish, indicating that the price could recover.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 011222

Bill-ionaire Miller says Crypto An ‘Insurance Policy’ Because ‘They Can’t Confiscate Your Bitcoin’

Popular investor Bill Miller recently revealed he has invested 50% of his entire portfolio in Bitcoin and businesses related to the top digital asset in a recent interview with WealthTrack. He found the perfect buy-in opportunity during Bitcoin’s dip to $30,000 last year. 

Even though he held a minor amount previously, his recent BTC shopping spree was the result of the token’s sustained price growth and intriguing fundamentals, according to Miller. He added:

“Bitcoin has gone up an average of 170% a year for the past 11 years… There are a lot more people using it now, a lot more money going into it from the venture capital world, there are a lot of skeptics that are trying it out now.”

He also rebukeD Warren Buffett’s comments on Bitcoin’s lack of an intrinsic value, stating that it is based on its supply and demand dynamics, much like paintings and other collectibles. He said:

“Bitcoin is the only economic entity where the supply isn’t affected by the demand.”

On the contrary, the investor explained that Gold’s supply would increase with its demand as an incentive to its miners to increase production. Moreover, Bitcoin is also inaccessible to government authorities and ensures secure private ownership, argued the investor. According to him, combining these factors makes the asset much like an “insurance policy.”

Miller also revealed his other investments related to Bitcoin include the mining company StrongHold Digital and business intelligence firm MicroStrategy, whose CEO Michael Saylor is also a believer in buying Bitcoin dips. 

Joe Rogan: I Have A Lot Of Hope For Bitcoin

Popular podcast host Joe Rogan recently said he has “a lot of hope” for cryptocurrencies, but mostly Bitcoin, though he said he doesn’t understand it very well. 

Rogan interviewed internet entrepreneur Adam Curry on the 1760th episode of The Joe Rogan Experience show.  They discussed Bitcoin, cryptocurrencies, the metaverse, etc. Rogan mentioned he sees Bitcoin and Ethereum as the two main projects. 

Explaining the two crypto projects, Curry said:

“The difference between Bitcoin and Ethereum is that in Bitcoin there will only be 21 million, it cannot be changed. It cannot be inflated, and you cannot say the same for Ethereum.”

Curry highlighted how he is a sole believer in Bitcoin and dismisses most of the other cryptocurrencies because BTC is the only project with limited and unchangeable supply. According to him, that is a central and dividing aspect in his assessment of cryptocurrencies.

He added:

“I’m just on the Bitcoin train because I believe my money is safer there. The money system is broken, it causes inflation, misery, it causes wars because it’s linked to oil, so we have to protect all that.”

Bitcoin Price Is Expected To Reach These Levels

Looking at the Bitcoin price chart, we can see that BTC has made a strong recovery during the current session. If the current sentiment persists, we could see BTC push to $42,500 and above.