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Main cryptocurrencies are trading in a tight range, leaving short-term traders uncertain about the future trend, as the Federal Reserve is set to meet this week. The upcoming holiday season could give a boost to BTC, starting a so-called Santa Claus rally and potentially leading to a period of high volatility for the world's leading cryptocurrency.
Up or down?
The price of Bitcoin remains flat following its crash. Last week, bulls actively opened long positions when BTC dived below $48,000. However, they failed to give significant support to the cryptocurrency and managed to push it up only slightly higher. If BTC breaks below the key level of $48,000, a massive sell-off could follow, similar to the crash of December 4, as well as the nosedives in September and May.
The main target for bullish traders is the resistance at $60,000, after which BTC could re-test $66,000 and surge to a new high above $69,000.
There are indications that the uptrend is not over yet - Glassnode has reported increased bitcoin exchange outflows. As long-term and mid-term holders stockpile BTC, the shrinking float supply should push the price up.
BTC/USD is expected to continue trading sideways in the $46,000-$50,000 range in the next few trading sessions. The pair could touch $60,000 afterwards.
The question remains: when will the sideways trend end - in 2 weeks or in 2021?
There are not enough new driving factors for the rally to continue, possibly due to the upcoming events in the US. Investors are likely assessing the situation and are awaiting bullish signals. At the same time, a bearish downturn is also possible.
A strong market reaction to the Fed's policy decision could end bitcoin's sideways trend.
Bitcoin rally in 2022
New proper regulations for cryptocurrencies in the US could lead to a bull market in 2022 despite the Fed's monetary tightening, Mike McGlone, senior commodity strategist at Bloomberg Intelligence said.
According to McGlone, bitcoin could be on a trajectory to $100,000 and could become an asset similar to gold.
Cathy Wood of Ark Invest is even more bullish on BTC, expecting it to reach $550,000. "The move actually by institutions into Bitcoin, if we were to choose Bitcoin and that seems to be their first stop, could add $500,000 to Bitcoin's price if they move into roughly 5% over time," Wood told CNBC on Thursday.
Ethereum, the second biggest cryptocurrency, is likely to stay within the $4,000-$5,000 range as it is overvalued at the moment.
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