The price of BTC stabilized above USD 20,000 before a sharp rise above USD 21,000, confirming the bullish direction of the crypto market. Although November and December have historically been bearish, Bitcoin might increase to between USD 20,500 and USD 26,500.
Over the last two weeks, the price of Bitcoin (BTC) has experienced another significant increase, reaching above USD 21,000. The crypto market seems bullish, which might influence the pioneering cryptocurrency by late 2022.
Bitcoin Has Risen Significantly over the Last Two Weeks
After hovering between USD 19,000 and USD 20,000, the value of Bitcoin has increased considerably over the last two weeks. It broke out of that area in late October, rising above USD 20,000 and moving out of the stabilization phase.
Then the price stabilized above USD 20,000 during the last few days before another sharp rise above USD 21,000. That confirmed the bullish direction of the crypto market, where most altcoins have achieved more significant gains than Bitcoin.
The Price of Bitcoin May Continue Rising in December
There were two considerable increases in the value of Bitcoin over the last two weeks. That happened long after it stabilized and experienced a few changes, indicating a stronger bullish trend over the next few weeks.
The crypto market has outperformed the stock markets, suggesting that cryptocurrencies will become more independent from the financial markets. Besides, the rise in prices may continue in November and December as the negative impact of interest rate hikes has decreased.
The Bullish Trend of Bitcoin Might Continue until Late 2022
The predictions about Bitcoin for late 2022 might be excellent if the price of cryptocurrencies continues to rise. The bullish end of the year becomes increasingly likely, as the rise to over USD 21,000 confirmed the trend.
The price of Bitcoin might test the USD 25,000 zone this year if it continues rising steadily. If it breaks above that mark in December, it might even reach USD 30,000.
Despite a Possible Bearish Trend, Bitcoin Might Rise by 30%
The price of Bitcoin might accumulate another 30% over the next few weeks if it keeps rising steadily. At the end of the year, it might reach between USD 25,000 and USD 30,000.
Since November and December have historically been bearish months, there is no guarantee of a significant increase. In other words, considerable drops contrary to the trend seem unlikely over the coming weeks. However, the price of Bitcoin might be between USD 20,500 and USD 26,500 in late 2022.
It Is Worth Investing in Bitcoin in the Short Term
The optimistic predictions about Bitcoin for late 2022 indicate it might be worth investing in the cryptocurrency now. An increase in the price of the pioneering cryptocurrency in the short term might occur over the next few weeks.
However, it should also be worth buying Bitcoin in the long term, as its price might rise sharply again in 2023. In that regard, the predictions about its price also seem very optimistic for next year.
Meanwhile, Bitcoin is trading at around USD 21,239 and has accumulated a 2.2% gain over the last week. While its daily trading volume is above USD 294.38 billion, its market capitalization is about USD 407.78 billion, according to CoinGecko.
By Alexander Salazar
