Bitcoin is having a relatively strong performance during the last few days, slightly increasing its market cap dominance which now rose 37%.
This is possible as the alpha crypto is starting the month of November in a better shape compared to how it was back in September and October.
In fact, BTC managed to finally reach and eventually surpass the $21K marker as it pushed its overall valuation to $408.28 billion.
At press time, according to monitoring from Coingecko, Bitcoin is trading at $21,265 and has increased its value by 2.3% over the last seven days. In a span of two weeks, BTC went up by 10.8% while over the last 30 days the digital asset grew by 6.7%.
Incidentally, this was the same month last year when the cryptocurrency tallied its all time high (ATH) price of $69,044.
Seemingly in an unfamiliar territory right now, analysts, experts and members of the broader crypto community try to give their take as to where BTC will stand over the next few weeks and by the yearend.
The Crucial Support Region For Bitcoin
Using data provided by the rainbow price chart of Bitcoincenter, some analysts are saying that Bitcoin’s current showing has likely enabled it to reclaim a crucial support level just before 2022 ends.
With that in mind, these experts say that there is a possibility that before the crypto market enters 2023, BTC could once again trade at the $25,000 levels.
Image: Al Bawaba
Should this happen, the qualitative indicators of the earlier mentioned chart says the asset will fall into the “Basically a Firesale” Band.
This could prove to be a significant development because the last time that BTC hovered around that “region” was back in March 2020 – the start of an unbelievable rally for Bitcoin that enabled it to reach a milestone value in November of the following year.
Another good thing that is helping the crypto right now is the fact that its price is stabilizing as its level of volatility is decreasing. This means the digital asset is slowly becoming stable, priming itself for another bullish run.
Crypto Community Says Otherwise
As good as the above thesis may be, members of the CoinMarketCap Community are not too convinced that Bitcoin will end the year trading at the $25,000 region.
In fact, according to the results of a survey that involved 12,953 respondents, the largest cryptocurrency in terms of market capitalization is forecasted to exit December 2022 with an average changing hands price of $21,237.
With that being said, Bitcoin must prove its doubters wrong once again as the stakes are higher than ever for the de facto leader of all digital currencies.
Experts believe that if BTC manages to end the year sustaining the psychological $25K marker, it will revisit higher price levels that it tallied on the way to attaining its all-time high last year.
BTCUSD trading at $21,246 billion on the weekly chart | Featured image from Wealth of Geeks, Chart: TradingView.com