Bitcoin had a rocky start to 2022, but it appears to have stabilized this week. Now, some analysts are predicting that prices could be set to rise.
Bitcoin dropped below $40,000 on Monday
Prices are likely to rebound from the current level around $42,000 though will remain within the $40,000-$60,000 band, said Gavin Smith, CEO of Panxora. While bitcoin has recovered after dipping below $40,000 on Monday, this rebound is nothing by bitcoin standards, according to Craig Erlam, senior market analyst at Oanda.
Bitcoin"has been behaving more as a risk asset recently amidst market uncertainties," said Lennard Neo, head of research at Stack Funds. “The markets are still split if BTC is an inflationary hedge or risk asset, and with the current macro climate, expect more volatility in the short term.”
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