The worldwide financial industry, including the cryptocurrency industry, has experienced some of the most significant turbulence in 2022.
However, the first cryptocurrency appears unstoppable as the buying interest behind it soars to all-time highs. Prices have risen over the previous few weeks as whales continue to add more BTC to their massive holdings.
Astonishingly, Bitcoin reached its recent high by breaking the $17K resistance in the previous week, given that the cryptocurrency market is already experiencing the effects of a strong bearish trend.
The price of bitcoin is steadily rising and holding firmly over the $17.2K mark. Positive sentiment is also gradually increasing as cryptocurrencies exhibit upward momentum, and traders anticipate that BTC will close above $17,500 monthly.
For the crypto industry, investors see a good perspective. Experts still believe that if it ever breaks out of this range, it will be a fantastic trading opportunity.
But, Can the Price of Bitcoin Rise Above $17,240?
According to CoinMarketCap, Bitcoin’s price is currently at $17,248. While $16,928 is the 24-hour low, it has managed to reach $17249 in the same timeframe. As a result, the price of BTC has risen by almost 1% over the past day and 2% over the past week.
According to the candle bars trade on the support level, the bulls who want to dominate the market have led the Bollinger bands to shape a narrow pattern. But nevertheless, if it fails, the price is anticipated to move in the other direction, more toward the support level. If the BTC price can pass through the $17,245 resistance level, this could rise to the $17500 level.
The Relative Strength Index (RSI) indicator is increasing with other technical indicators, signaling buyers are in control. The market may experience increased purchasing pressure as the MACD indicator rises and perhaps crosses above the trendline.
Is it Time to Make a Bitcoin Investment?
If you’ve been keeping up with the cryptocurrency industry, you may have observed by now that alternative cryptocurrencies (altcoins) always decline in value when the price of Bitcoin does. The inverse is also true; when Bitcoin’s price increases, we anticipate altcoins to follow suit.
Before buying or selling a position in an altcoin, seasoned traders and investors always examine Bitcoin. However, investors must take precautions while dealing with the unpredictable cryptocurrency market and make prudent financial choices.
As per 2022’s outlook, Bitcoin can undoubtedly experience a significant decline. However, history has also shown that every time the economy has a decline similar to this one, it quickly recovers. At the moment, the issues facing the cryptocurrency industry are both internal and external, and if you believe that it will survive, Bitcoin will almost surely continue to be at the forefront.
Is it Better to Invest in Bitcoin for the Long or Short Term?
According to a way of thinking, Bitcoin has changed from a long-term investment to a short-term one, building on the discussion from the preceding section. BTC has demonstrated its ability to beat stocks on shorter timescales even though it might not be the next cryptocurrency to go boom.
Since the value of the currency can frequently increase by 5% (or more) in a short period, many people choose to day trade Bitcoin as a result. The image below demonstrates this; although similar actions happen frequently, this isn’t an isolated instance.
Bitcoin, in our opinion, is a wise long-term investment. We also point you, though, that bitcoin is incredibly erratic. This indicates that it has significant price fluctuations over brief times. You must know the hazards associated with investing before making any money because you could lose all or a significant portion of it. Never put money into an investment that you cannot bear to lose.
Crypto is unstable and traders are well aware of this fact. Thus, since everything can change at any time, it is never possible to forecast how a token will develop in the future. But that does not imply that you should abandon this market and your investments.