After falling to the $18,000 level, Bitcoin managed to reclaim the critical support point of $20,000 in the past two days. The bulls are trying to keep the price above this level. Despite the confidence crisis in the market, the downward movement seems to have been stopped for now.

While the statements of support for Bitcoin continue, a prediction that will excite investors came from Adam Back, CEO of Blockchain technology company Blockstream.

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Adam Back told his 481,600 Twitter followers that he expects the US Federal Reserve to reverse its tight monetary policies before the end of 2022 and create a macro environment conducive to Bitcoin's growth. In addition to a positive macro backdrop, Back noted that the spot Bitcoin exchange-traded fund (ETF) to be approved by the SEC could push the bears out of the game.

The famous CEO predicts that Bitcoin will reach 6 digits at the end of the year under these conditions. This means that Bitcoin has gained about 5 times its value.

Bitcoin is trading above $20,000 at the time of writing, according to Coinmarketcap data. BTC has gained 10.44% in the last 24 hours. The market cap of the cryptocurrency also rose to $391 billion. This value means that Bitcoin dominates 43.5% of the crypto market with a total value of $ 900 billion.

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Bitcoin started the new week with a correction

Bitcoin (BTC) managed to close above $20,000, which is considered an extremely critical level after seeing a significant recovery on the last day of the week, but the bearish trend continues. In the first hours of the day, the Bitcoin market saw a correction of the last 24 hours, while the cryptocurrency fell to $ 19,637 in the morning. In the currently limited correction phase, BTC/USD is trying to find balance at the $20,000 level. Although Bitcoin sees a daily recovery of close to 10 percent, its weekly loss is at 20 percent.