Bitcoin Price Prediction: BTC Continues To Push Higher, Could Move To $43,000

Daily Bitcoin BTC Technical Analysis

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Last Updated February 8th 2022
4 Min Read
  • The Bitcoin price is marginally up during the ongoing session, as buyers look to push BTC to $43,000. 
  • BTC has been quite bullish since Friday when it had surged by over 11%, moving to $41,623. 

The Bitcoin price has started the week in the green, as buyers continue to push BTC higher, increasing marginally during the current session. On Friday, BTC had surged by over 11%, moving past the 20-day SMA and rising to $41,623. The weekend saw BTC register a minor drop on Saturday before recovering on Sunday, rising by over 2% and settling at $42,409. The current session sees BTC at $42,660, with buyers looking to push the price higher. 

Bitcoin Price Chart Indicates BTC Could Push To $43,000

The Bitcoin price started the previous weekend on a fairly positive note, rising by 1.60% on Friday and then registering an increase of 1.31% on Saturday to settle at $38,286. However, BTC fell back on Sunday, dropping by 0.89% and ending the weekend at $37,944. The week started on a positive note as BTC pushed up by 1.42% on Monday, moving to $38,482. On Tuesday, the price continued to push higher, registering a marginal increase but fell back on Wednesday, falling by nearly 5% and dropping to $36,986.

Image: BTC/USD daily

BTC/USD daily chart 020822

After dropping by nearly 5% on Wednesday, the Bitcoin price recovered on Thursday, registering a marginal increase of 0.98%. Friday saw BTC register a significant increase, as it surged by over 11%, moving past the 20-day SMA and settling at $41,623. Despite the bullish sentiment, BTC registered a marginal drop on Saturday, falling marginally before recovering on Sunday, rising by over 2% and settling at $42,409. The current session sees BTC marginally up, as buyers look to push BTC to $43,000.

We can see that the MACD is currently bullish, indicating that the price could push higher.

Looking at IntoTheBlock’s IOMAP for the Bitcoin price, we can see that BTC faces strong resistance at around $48,385. At this price level, over 2 million addresses have sold more than 1 million BTC.

Image: IntoTheBlock 

BTC/USD volume chart 020822

The 4-hour Bitcoin price shows us that BTC had pushed up to $38,619 on the 1st. BTC was able to stay at this level for the next few sessions thanks to the 20-bar SMA, which acted as support. BTC fell back below the 20 and 50-bar SMAs on the 2nd, dropping to $37,508. The price continued to drop from this level, dropping to $36,559 on the 3rd. BTC was able to register a strong recovery from this level, surging past the 20 and 50-bar SMAs and rising to $39,497 on the 4th. BTC continued to push higher from this level as it moved past the 200-bar SMA, rising to $41,623 and then moving to its current level of $42,700.

We can see that the MACD and Parabolic SAR are both bullish, indicating that the price could push higher.

Image: BTC/USD 4-hour

BTC/USD 4-hour chart 020822

Proof-of-Reserves Audit Shows Kraken Holds $19B in BTC and ETH

Cryptocurrency exchange Kraken recently announced the results of a proof-of-reserve audit, showing that it holds over $19 billion worth of Ether (ETH) and Bitcoin (BTC). As per a blog post, the audit was conducted by Armanino LLP, a consulting and technology firm in the US. 

The results did not include other assets – just BTC and ETH, including the $3.5 billion worth of ETH held in Kraken’s staking service, an ETH 2.0 validator.

"This is the second independent audit conducted on the exchange since 2014. According to Armanino, the audit took several years of work to reconstruct a Merkle tree – a mathematical data structure that encapsulates hashes of different blocks of data – and prove every coin was on spot."

The audit comes as crypto companies face heavier scrutiny from regulatory bodies worldwide. According to Jeremy Welch, Chief Product Officer at Kraken, the exchange plans to conduct public proof of reserve audits annually. He said:

"Security and transparency for our customers has been at the core of our culture as a company and the core of our practices and operations from the very beginning. Regular Proof of Reserves audits will demonstrate that, for Kraken, our client security and safety are a top priority.”

The exchange is now implementing auditing standards to let clients verify that their BTC and ETH balances are backed by assets held in the exchange’s custody. Any client can independently verify their balances by comparing select pieces of data with the Merkle root. However, the verification will only reflect the current state of the supported assets.

Bitcoin Price Is Expected To Reach These Levels

Looking at the Bitcoin price chart, we can see that BTC has been quite bullish since Friday and is marginally up during the ongoing session. If buyers can continue to push the price higher, we could see BTC move to $43,000. However, if sellers retake the session, BTC could drop below $42,000.