Bitcoin Price Prediction as Crypto Prices Stabilize, Is $20,000 BTC on the Cards?
Following the release of UK inflation figures, the price of Bitcoin remains below $17,000. which was higher than expected Most altcoins in the market have followed suit, as traders remain cautious.
Bitcoin is currently trading at $16,740, down from $16,886 at the start of the day. BTC has ranged between $16,761 and $17,002 in the last 24 hours as a result of the recent Russia-Ukraine conflict.
Genesis Global Capital Pause Withdrawals
Following the demise of FTX, Genesis Global Trading’s lending division has temporarily ceased accepting cash withdrawals and new loan applications, according to Interim CEO Derar Islim, who informed clients on November 16.
The division, known as Genesis Global Capital, serves institutional clients and had $2.8 billion in total active loans at the end of the third quarter of 2022, according to the company’s website.
BREAKING: Gemini Earn customers unable to redeem funds as Genesis lending halts withdrawals.
This is after Genesis Trading halts withdrawals and states they don’t have the liquidity needed to honor withdrawal requests.
— Jordan Fried (@JordanFried) November 16, 2022
Genesis Trading, which acts as Genesis Global Capital’s broker, is run independently and funded by the loan entity, according to Islim. He went on to say that Genesis’ custody and trading services were still fully operational.
Islim informed the participants that Genesis is investigating loan segment options, including locating a new source of liquidity. He went on to say that Genesis will explain its strategy to clients the following week.
BTC/USD and other cryptocurrencies fell after Genesis Global Trading suspended customer withdrawals.
El Salvador’s President to Buy Bitcoin
El Salvador, the first country in the world to accept Bitcoin as legal currency in September 2021, has resumed BTC purchases after a brief pause due to the market’s bearish sentiment. El Salvador’s president, Nayib Bukele, declared on November 16 that the Central American country would begin buying Bitcoin on November 17.
The announcement came roughly three months after the country’s final BTC acquisition in July 2022. El Salvador began purchasing Bitcoin after declaring it legal currency in September 2021.
BTC was in a bull market at the time, making every investment the country made appear profitable because the price was setting new records every other week.
However, by the second quarter of 2022, the bear market had taken hold, and El Salvador’s early BTC purchases appeared to be a risky bet that resulted in significant losses.
JUST IN: 🇸🇻 El Salvador’s $105 million #Bitcoin investment is now worth $41.5 million.
— Watcher.Guru (@WatcherGuru) November 10, 2022
El Salvador currently holds 2,381 BTC at an average purchase price of $43,357, according to public statistics. As a result, the country’s BTC purchase cost around $103.23 million, while the same BTC is now worth $39.4 million. Because of the severe crypto winter, El Salvador’s adoption of Bitcoin may appear bleak.
However, by simply holding onto its BTC purchase, the country may easily make up for its losses during the next bull cycle. Furthermore, as investors increase due to repurchasing, this news could benefit BTC/USD.
BTC and Stocks Correlation
The cryptocurrency industry is still reeling from the shock of FTX, one of the once-dominant cryptocurrency exchanges, declaring bankruptcy and stepping down as CEO. Another thing to be concerned about with Bitcoin is its association with stocks.
Personally, the most bearish case for $BTC is the stock market pulling back
The majority of people/funds overleveraged involving FTX meltdown seemed to be overexposed w/ altcoins
Contagion is very real but will this actually create more sell-off on Bitcoin?… worth asking
— Rager (@Rager) November 15, 2022
When comparing the S&P 500 Index and Bitcoin’s activity, cryptocurrency trader and analyst Josh Rager observed on November 15, it is clear that the leading digital asset is mirroring the stock market’s downward trend.
He went on to say that the stock market is currently Bitcoin’s greatest concern because equities are falling and Bitcoin is following suit.
— Rager (@Rager) November 15, 2022
However, as good news about inflation emerged from the United States, the Bitcoin and cryptocurrency markets surged alongside stock markets. The modest improvement follows recent data from the November 15 PPI report, which showed a decrease in the cost of goods, excluding food and energy, giving US stocks a boost. BTC/USD followed stocks and gained some value following the announcement.
Bitcoin Price Prediction
At the time of writing, the price of Bitcoin is $16,649, with a 24-hour trading volume of $34 billion. Bitcoin has dropped by around 1% in the last day and currently holds a market capitalization of $349 billion.
Bitcoin is consolidating in a broad trading range of $16,000 to $17,200, with a breakout determining future price action. In the 4-hour timeframe, Bitcoin completed a 38.2% Fibonacci retracement at the $18,100 level and has now fallen below the 23.6% Fibonacci level of $17,250.
On the downside, Bitcoin’s immediate support is at $17,250, and a continuation of the bearish trend could push the price as low as $15,850. Because the RSI and 50-day moving average indicate a bearish bias, the BTC price could fall to $15,850 if current support fails to hold.
The MACD, on the other hand, is in a buying zone, but recent histograms are contracting, indicating a waning bullish bias. However, selling can be seen today below the $17,250 level.
Increased BTC demand, on the other hand, has the potential to break through the $17,250 resistance and push the BTC/USD price above $18,250, toward $20,000.
Top Crypto Coins on Pre-Sale
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, allowing them to make more informed decisions.
It began its token sale three weeks ago and has since raised over $6.3 million. It has also confirmed its first CEX listing on LBank exchange.
1 D2T is currently worth 0.0513 USDT, but this is expected to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.
Calvaria is a new cryptocurrency gaming project with the potential to dominate the play-to-earn market. Calvaria developers have identified that one of the main barriers to widespread Web3 gaming adoption is that games require users to have technical knowledge of crypto. This means that a lot of users are left out.
As such, Calvaria allows users who don’t hold cryptocurrency to play the game, setting it apart from the competition and enabling a whole new audience to get invovled.
Calvaria’s presale is gaining traction, with the project already in stage 4 of 10 and close to $1.7 million in funding.
1 RIA token currently costs $0.025 but this will increase incrementally in each subsequent stage of the presale which is currently in Stage 4.
RobotEra (TARO) is another project that has the potential to change the gaming community and the virtual world. The asset’s presale has only recently begun, but there is already considerable interest from prospective buyers.
RobotEra is a blockchain-based Metaverse where users can create avatars and explore a digital world, and the platform’s native token is TARO. In RobotEra, players can purchase land, build on it, and expand their regions with various assets.
Furthermore, RobotEra has a shared metaverse where users can engage in a variety of activities such as sports, concerts, and other competitive events.
The first stage of TARO’s presale is now live, and it is quickly selling out.
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