Bitcoin Price Prediction – Will It Break Over $16,700 This Weekend?

5 min


After a period of high correlation with the stock market and particularly Nasdaq, Bitcoin (BTC) price decoupled this coming week. As stock prices recovered, the digital currency market maintained its steady decline, and Bitcoin (BTC) to $15,500..

Most traders are now wondering whether any silver linings are near-sight to this decoupling. For some time now, have been sturdy, believing that Bitcoin price should decouple from the stock market and perhaps even start to outperform it like in the past.

Nevertheless, it appears that decoupling to the downside is not something crammed with advantages as the stock market recovers with other risk-on assets, and the digital currency market continues  a downward trend.

Bitcoin Price Suffers FTX Contagion, Downtrend Continues

The collapse of the FTX cryptocurrency exchange has had a huge impact on Bitcoin (BTC) price, causing a of over 27 percent from highs of $21,478 on November 5 to two-year bottom Line around the $15,000 demand zone. Chances of a market recovery remain bleak, with all signs pointing to a prolonged cryptocurrency winter supported by the ‘risk-off’ market sentiment following the FTX-driven fear, uncertainty, and doubt (FUD).

The Bitcoin (BTC) hash price continues  to grow significantly, making the mining industry overly competitive, explaining why most large-scale miners like Core Scientific may be on the verge of bankruptcy. Most traders hoped that Bitcoin (BTC) price had already hit bottom at $17,500, a belief that speculators backed with the $21K recovery saying, “the bear market has run its course.”

Nonetheless, the likes of Richard Heart held firm to the opinion that it is extremely unlikely that Bitcoin price does not continue on its downtrend, with the most potential scenario being that the price will fall to at least $11,000 before another potential decline. Heart supported his by mirroring previous price declines saying, “ Bitcoin (BTC) has never had a bear market where the price only falls by 60-70%.

As reported by market analysts, the latest price action presents a generational buying opportunity with only two until the upcoming halving, when the flagship cryptocurrency will become scarcer.

Institutional investors looking to acquire exposure to Bitcoin (BTC) at lower prices can take advantage of the Grayscale Bitcoin (BTC) Trust (GBTC) to buy Bitcoin (BTC) at discounted prices of up to 41%. As reported by a Twitter post, renowned investor Wood has done just that via Ark Invest.

There was a substantial premium for GBTC over Bitcoin itself during the whole Bitcoin (BTC) bull market, while the bear market reversed the trend completely. The GBTC premium has been very reliable in predicting Bitcoin price direction, and regardless of Wood’s accumulation, it does seem like the bear market is approaching its end.

Bitcoin Price Analysis

Bitcoin (BTC) has been flashing green during the previous few days following the recent release FOMC minutes that were more dovish than expected that showed that the Fed may reduce their interest hikes in the near future. Bitcoin (BTC) is at present down 0.7 percent in the previous week and -76 percent from its all-time highs. At the time of publication, Bitcoin (BTC) has gained 0.5 percent to trade at $16,596, as reported by data on CoinGecko.

The big cryptocurrency appears to be battling resistance from the $16,700 resistance level. The appearance of the doji stick at the end of the daily chart (below) shows that there is a fierce battle in the middle of buyers and sellers for the control of the price.The back and forth in the middle of the bears and the bulls is likewise validated by the flattening of the relative strength index. 

If Bitcoin (BTC) price favors the bulls, it will turn  up from the current level to confront the immediate resistance from the aforementioned level. If this happened, the bulls would be bolstered to push the price toward the intermediate resistance around the $18,200 area, representing a 9 percent go up from the current level. 

Note that this area provided formidable support for the price of the pioneer digital currency in the middle of September 19 and November 22.

BTC/USD Chart

Btc Price Prediction – Will It Break Above $16,700 This Weekend?

On the downside, the RSI is still positioned at 39 in the negative region, suggesting that there are still more sellers than buyers in the market. It likewise means that the market sentiment is still negative. As such, the current Bitcoin price at $16,496 is still uninspiring as the Bitcoin (BTC) Greed and Fear Index at 22 shows that investors are extremely fearful.

Bitcoin (BTC) Fear And Greed Index

Btc Price Prediction – Will It Break Above $16,700 This Weekend?

As reported by , a firm that analyzed emotions and sentiments around cryptocurrency, extreme fear is a “sign that investors are as well worried” and in turn  offload their holdings in fear of losing their investments. 

Consequently, with the fear and anxiety across the broader market increasing, chances are high that bears will take control of the market once more. Bitcoin (BTC) has to  hold the immediate support at $16,320 to prevent the price from slipping below the $16,000 psychological level again.

To breach the $16,700 level this weekend, Bitcoin (BTC) will have to the resistance at $16,692 (green). This is possible with speculation that the Federal Reserve will ease interest price hikes as inflation for October was better than expected, at 7.7%, the lowest since January 2022.

The data has prompted jumps across the cryptocurrency and stocks sectors, with the upcoming Fed meeting on monetary policy slated for December. If the Fed eases its hawkish position, Bitcoin (BTC) and the market as a whole will significant gains.

Four Alternative Coins to Buy

With the cryptocurrency market dropping, investors should add Crypto Altcoins with the potential to grow their portfolio. Here are promising alternatives worth considering amid the unstable market. 

RobotEra (Taro)

RobotEra is a blockchain-based game focused on making players a big part of the project. The project is building a Sandbox-like planet-rebuilding metaverse network where players own everything they buy. This means you can manage everything you own, including land, and even take part in the creation of the world.

The project is just starting and is at present in the presale stage, where the native crypto token TARO is indeed attracting investors to make early gains- the hottest pre-sale in 2022.

You can get in on the RobotEra presale by buying the $TARO crypto token at $0.020 USDT.

Alternatively, you can buy with the ETH in your wallet and once the public pre-sale ends, use the claim page to claim your purchased TARO.

Dash 2 Trade (D2T)

Dash 2 Trade stands between the hottest up-and-coming digital currency platforms and crypto tokens in the market today, providing a system where users can determine which cryptocurrency they could be currently worth a time before it explodes to become extremely trendy and costly.

Running like a social media platform for cryptocurrency traders, Dash 2 Trade is the place to be if you want indicates for cryptocurrency investments. The indicates come in different forms, but you get the ones that have the most actionable impact by way of alerts, pre-sales, technical indicators, social metrics, and more.

“D2T will feature on-chain statistics for crypto token and wallet activities. With an financing in #D2T, crypto token holders will be able to monitor whale movements and market maker dynamics throughout different #blockchains.”

The native crypto token for the Dash 2 Trade project is the D2T, used to make payments to access available services. 

IMPT

In case you missed the pre-sale 1 stage of the revolutionary IMPT project, where one IMPT crypto token was going for $0.018, a pre-sale 2 stage is now ongoing. It offers you an opportunity to enlist into a large ecosystem connecting socially responsible brands with businesses and individuals interested in reducing their carbon footprint. The demand is only expected to go high.

“The demand for carbon credits will continue to boost. It is estimated that the volume of credits required globally will increase at least 20-fold by 2035.”

The blockchain-based project likewise empowers you to buy, sell, or retire carbon credits while avoiding double counting and fraud. You can join the impactful carbon offset program by investing in the IMPT crypto token, the native currency for the IMPT project. A single IMPT crypto token is selling for $0.023.

Calvaria

Calvaria Duels of Eternity is likewise worth looking into, especially if you are a cryptocurrency hobbyist or enthusiast. The project’s core objective is to speed up the mass adoption of cryptocurrency by leveraging play-to-earn (P2E) games.

Even the most renowned brands in the cryptocurrency space have already spotted the chance here and support Calvaria’s vision for widespread cryptocurrency adoption. Up to now, the project has raised 2,003,099 USDT out of 2,100,000 USDT (94 percent at stage 4), with a single USDT getting you up to 40.00 $RIA.

“90 percent + sold in the 4th stage! Hurry up before the price increases!”

 This is the time to buy in before the pre-sale ends, or you danger losing at least 7 $RIA from the same (1 USDT).

Related News:



Continue reading on Insidebitcoins.com

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.



Crypto News Now


    Share via
    Share via
    Send this to a friend