Bitcoin (BTC) price is likely to return to the $25,000 level before the end of 2022.

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Bitcoin (BTC) price is likely to return to the $25,000 level before the end of 2022.

This is possible because the first cryptocurrency starts the month of November in a better state compared to how it was in September and October. In fact, BTC managed to reach and eventually surpass the $21 mark as it pushed its total value to $408.28 billion.

At press time, according to tracking from Coingecko, Bitcoin is trading at $21,265 and has increased its value by 2.3% in the past seven days. In the span of two weeks, BTC has increased by 10.8%, while in the last 30 days, the digital asset has increased by 6.7%.

By the way, it was the same month last year when the cryptocurrency recorded its all-time high (ATH) price of $69,044. They seem to be in uncharted territory right now, with analysts, pundits and members of the wider crypto community trying to give their opinion on where BTC will stand over the next few weeks and into the rest of the year.

Key region of support for Bitcoin

Using data provided by Bitcoincenter's rainbow price chart, some analysts say that Bitcoin's current performance has likely set it up to regain a key support level just before the end of 2022.

With that in mind, these experts say there is a possibility that before the crypto market enters 2023, BTC may once again trade at $25,000 levels. If this happens, the qualitative indicators of the chart mentioned earlier say that the asset will fall into the "Basically Firesale" group.

This could prove to be a significant development as the last time BTC hovered around that "region" was back in March 2020 - the start of an incredible rally for Bitcoin that saw it reach a key value in November of next year.

Another good thing currently helping the cryptocurrency is the fact that its price is stabilizing as the volatility level decreases. This means that digital assets are slowly becoming stable, preparing for new growth.

The crypto community says opposite

As good as the above thesis is, members of the CoinMarketCap community are not too convinced that Bitcoin will end the year trading at the $25,000 level.

In fact, according to the results of a survey of 12,953 2022 respondents, the largest cryptocurrency in terms of market capitalization is predicted to come out in December 21,237. with an average price of XNUMX XNUMX dollars.

With that said, Bitcoin needs to prove the 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 finish the year holding the psychological $25 mark, it will once again reach the higher price levels it counted on its way to its all-time high last year.