Is Another Price Pump Around the Corner for Bitcoin?

Published: January 13, 2022|Last updated: January 13, 2022

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,700 mark and is still looking bullish in the immediate short term. As mentioned in our previous analysis, the price did face rejection at the $44,000 mark and is now coming back to retest it again. BTC was moving within a downtrend for the past few weeks and if we see the current momentum continue, things can turn extremely bullish. Let’s take a look at the latest Bitcoin charts to see where the price is headed next.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)

Score Up to $30,050 on Bybit – Just for Trading

Start Trading

Analyzing the Charts

Bitcoin is currently trading just below the resistance at $44,000 and is likely to break above it in the coming hours. We can see on the 1-hour timeframe that the price is forming a bullish flag that can break out anytime.

If the structure does play out in the coming hours, then our breakout target for Bitcoin would be around $45,600 region.

The breakout target is just below the $45,800 mark where we are likely to face the next resistance for Bitcoin. It is a region that was holding the price well before the recent sell-off.

On the other hand, if the price again faces rejection at $44,000 we could see a small sell-off once again. In that scenario, the support we would like BTC to hold is the $42,500 mark which it flipped recently.

Conclusion: Is Bitcoin (BTC) Looking Bullish?

Bitcoin is looking quite bullish in the immediate short term, and we can expect it to make another move soon. The price is forming a bullish structure, but we will wait for it to get above $44,000 first. Once the price gets above $45,800 it is highly likely that it will continue its bullish run once again. In long term, we still have our eyes set on a $100,000 Bitcoin.

How to Trade Bitcoin (BTC)?

To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

Trade Bitcoin on Phemex

If you are interested in trading Bitcoin with leverage, you can start today by signing up on Phemex. Use our link to sign-up and claim a bonus of up to $4,100. (Bonus may vary based on deposit amount)

Deposit and Get Up to $1,299 in Rewards!

Start Trading

The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more