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If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the
Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets
No good or fresh news on the Bitcoin price front. The debilitating price drops continue with slight shoots up that aren’t enough to get Bitcoin over the $27,000 hump. It’s clear that the market isn’t headed in the right direction, and despite some positive signs, it seems there’s always some
A bit of good news is enough to make everyone’s day. That goes double for crypto investors and fans, who are patiently waiting for some good news in regards to Bitcoin’s price. While FTX’s demise severely hurt the crypto market, Bitcoin is on its way back to $20,000 as it seems in the moment. It’s a big move considering it barely held the $17,000 line last week.
Crypto markets in general have moved higher than expected early on Wednesday, and bigger moves are expected. While it’s still a far cry from its $20,000 price before things took a turn south, Bitcoin is clawing its way back. On Wednesday, it moved positively once again, trying a crack at the $18,000 level. It came after a lengthy consolidation and helped Ethereum’s price go back to $1,300 as well.
Consolidation in the Market
It wasn’t just Bitcoin – the crypto market has seen a solid 24 hours after patiently waiting the outcome of the current US inflation report. The data turned out better than expected. Since it’s the fuel that feeds the crypto market in the short term, greens were expected. Bitcoin duly delivered, seeing a slight climb after weeks of uncertainty due to FTX’s fall from grace.
On that note, US prosecutors have just charged Sam Bankman-Fried with fraud. The former FTX CEO was comfortably enjoying life in his Bahamas mansion after promising to find a solution for the lost money on Twitter. Of course, everyone who knew the case knew that charges were coming. It was obvious from miles away, and to be perfectly honest, the right thing to do.
FTX’s demise gave financial organizations who were against Bitcoin the headlines they just needed. It put the market in disarray and made Bitcoin drop its price after it consolidated at around $20,000. That was the level it’ll eventually make a move from, but the FTX setback has pushed that back to god knows when.
But, climbing back to $18,000 is a start, and we hope that by the end of the year, things will return to the $20K normal. The global cryptocurrency market cap was also trading higher for the past few weeks, going up by as much as 3%. The total trading volume was also up to $53.21 billion on Wednesday, signaling a positive shift.
Of course, it could all fall down like a tower of cards, but there are too many positive signals for that. Crypto fans can enjoy these small victories for the moment, and unless something big happens, no one expects a reversal.
End of Year Predictions?
With just a few weeks to go by the end of 2022, everyone’s hoping for a positive momentum. It didn’t come last year but this year a positive shift is definitely needed. The good news is that Bitcoin is close to the $18,000 mark, and if it shoots over, we can expect it to go higher.
Of course, that depends on macro-economic factors including the US inflation report. The last one was better than expected, and if that trend continues and the Russia-Ukraine war ends soon, we can expect a bull’s market.
No big news but struggles for Bitcoin’s price this week. The largest cryptocurrency by market volume has been fighting to stay alive in the $17,000 zone, and it’s been doing pretty good. There have been mild cuts as investors are waiting to see the latest macroeconomic data. As the year comes to a close, it’s becoming pretty obvious that the big jump we’ve all been waiting for isn’t coming. At least for now. The new year is a whole new beginning that can bring markets back in the green.
Struggling to Stay Green
Bitcoin’s inability to climb back to $20,000 where it was for months is destroying the market. It is currently trading at just over $16,900 and trying to get a firm hold of the $17,000 level. Climbing back up to $20K seems impossible right now. It’s been dragging the whole market down, with most altcoins being in the red.
Macroeconomics certainly don’t help its case. The US Central Bank still has work to do in regards to inflation, while the European Central Bank just released a report saying Bitcoin is on the road to ‘irrelevance’. New investors aren’t that likely to pour money in, and those who already have money in crypto are waiting to see what happens on the macroeconomic front.
Who’s right and who’s wrong? Well, some investors seem to think that this is just a phase. If that’s the case, then we can’t wait for this phase to end. Bitcoin needs a jolt of energy, and once that happens, the whole market will light up like a Christmas tree. With Christmas just around the corner, we believe in miracles.
In reality, all crypto markets are trading lower than past week except for Solana. Litecoin and Dogecoin have dropped around 3%, with Shiba Inu and Cardano dropping over 1%. The global cryptocurrency market cap is still flat at around $855 billion. There were no major changes in the past day or so, and neither were there changes in the total trading volume.
Final Bottoming Stages?
On-chain analysis has proven that Bitcoin may be entering the final stages of the bottoming. In translation, the price may have reached its lowest point, which is a big reason for celebrations. This isn’t just the rambling of some expert out there. It’s a report compiled by Capriole Investments, which takes a look at five factors why this might happen.
Those five factors are miner capitulation, realized value, downdraw, mining electrical costs, and the record number of hodlers. The BTC price floor has been formed at $16,000, and it could be the lowest point before a jump back.
What’s most impressive among these five is the record number of hodlers. In the midst of a historic drawdown, Bitcoin hodlers are not ready to give up. At the moment, about 66% of Bitcoin’s supply is in the hands of long-time holders. For those unaware, long-time holders have had their supply on hold for over a year. As numbers pile up it becomes clear that Bitcoin might finally turn the page, and it’s been a long time coming.
Are things finally starting to look up for Bitcoin’s price? While there haven’t been many major developments since last week, many experts are adamant that this too shall pass. According to Mobius Capital’s founder, legendary investor Mark Mobius, the price will tumble further before positive news can be expected. Mobius says that it won’t be a shock to see Bitcoin’s price fall to $10,000. However, in the long run, his predictions are not that grim. Mobius believes that crypto is here to stay for good, as there are many investors who believe in it.
It Gets Worse Before It Gets Better
When people like Mobius talk, we should all listen. A billionaire investor, Mobius worked at Franklin Templeton Investments for over 30 years before starting his own company. To put it simply, the man knows what he’s talking about. Back at Franklin Templeton, he was responsible for managing over $50 billion in emerging market portfolios, so he surely knows how assets perform.
According to Mobius, Bitcoin’s next price target is $10,000. That’s disappointing news for crypto owners, but it’s the harsh truth. He said that it’s all because of FTX collapse and the subsequent sell-offs. But, there is a silver lining. While Mobius thinks Bitcoin is ‘too risky’ for his own and his clients’ money, he believes there’s a great number of investors who have faith in the project. He further stated that it’s amazing how prices have held up staring in the face of adversity. Not many assets would have withheld that kind of pressure, and that’s why he believes Bitcoin will persevere.
As for this week’s technical performance, not a lot has changed since last week, although there’s been a positive trend. Bitcoin is constantly attacking the $17,000 level and driving the prices of altcoins up. Early on Wednesday the market was in the green, with notable price jumps for Dogecoin.
Elon Musk is trending on social media, and this time, he’s taking Dogecoin and Ethereum to the moon.
Can Musk’s Master Plan for Dogecoin Help?
According to a leak, Elon Musk’s new master plan is to use Twitter as a platform that will boost Dogecoin’s price. The tech billionaire bought twitter for a whopping $44 billion a month ago, and has been under a lot of pressure from the community for failing to deliver on his promises. However, he and his team have been working on new stuff all along, and recent leaks suggest that he plans to integrate Dogecoin for payments into Twitter’s platform, which could send prices up.
Dogecoin is already on 10c after seeing a surge in popularity these days. That could help get tumbling crypto prices up too. Other investors believe that prices will soar soon, although we thought that last year and nothing ever happened. This year it might be different, although until we see a bearish market, we’d hold those expectations low. But it’ll still be interesting to see what Musk does with Dogecoin. If he manages to integrate it into Twitter, we’re expecting prices to soar.
No major moves on the Bitcoin price horizon which is disappointing news for all crypto investors. Bitcoin is stuck in the mid-$16,000 range, and that can be a good and bad thing. Bad, because we haven’t seen any positive developments, and good because Bitcoin is shunning volatility. There are mixed feelings regarding the crypto market right now, and with doubts spreading about the future of the Grayscale Bitcoin Trust fund, many are wary of their investments. Bitcoin billionaires are also to blame, moving money out of the market when they should be holding.
Grayscale’s ex-CEO Barry Silbert has released a letter to DCG shareholders a few days ago and shared it on social media, trying to bolster up morale. It’s the thing we all need in these dark days for crypto, and it’s a good thing that Bitcoin doesn’t let up in terms of falling prices.
Sentiments are Bad, but Fundamentals Remain Unchanged
In the wake of the FTX debacle, the crypto sentiment was never so bad. But, according to popular crypto commentator William Clemente, it shouldn’t be confused with Bitcoin’s underlying strength. With so many uncertainty and depression in the world, bitcoin’s fundamentals have remained unchanged. He said that he’s posting his thoughts on social networks now and revisiting them later when things change. Clemente is one of those with a positive mind about the situation, believing that the tide will turn in the period ahead.
The lowest point in the previous days was $15,649, which is the lowest price since November 2020. That’s a crash of over 21% from November 5, right before word about FTX’s demise got out. That crypto exchange crash was a catalyst for mounting problems in the crypto market which have already taken its tolls on their price. FTX’s demise has also drawn in several high-profile celebrities who have been ensnared in lawsuits for promoting the exchange, and that puts extra pressure on the cryptocurrency market.
And that has brought other problems such as crypto broker Genesis considering bankruptcy. After hearing the news about FTX, users have been withdrawing cryptocurrencies like crazy trying to save their investment, which may put an end to the popular crypto broker.
On the Ropes
Historically, Bitcoin has never responded well to regulatory pressures. That’s what’s happening right now as US regulators are tightening the grip on the digital asset market due to FTX’s shutdown. Many have been throwing around the word dead around crypto platforms in the past few months, but according to the Crypto Fear & Greed Index, things are not so grim. There’s still room for the price to fall, which means it hasn’t bottomed out.
Any consequent price boost has followed after a bottomed out market. There are still believers who think that Bitcoin’s price will rise again, even if it takes a few years. It just needs a push in the right direction, and with the world possibly starting to consolidate next year, things should turn for the better. Bitcoin may be following in traditional finance’s bad steps now, but when things start pushing up, the price will rise again.
In the wake of FTX’s bankruptcy and its creator running off with everyone’s coins, Bitcoin experienced a massive drop in price. It was down 18% for the month before steadying the ship and making a 2.5% price jump. It’s still less than the hard-fought $20,000 level from the past months. It’s another disappointment in over a year of failures, but if you look at the silver lining, now’s the best time to buy.
Unlike what many are thinking, crypto is not dead. This won’t spell doom for Bitcoin and altcoins. Crypto billionaires are making things far more difficult than expected, but Bitcoin will prevail. Right now is the perfect opportunity to invest in Bitcoin, especially now when the market has slightly turned green.
FTX’s Demise
The demise of one of the biggest cryptocurrency exchanges in the world, FTX, has been all over global news for the past week. It has plunged the crypto market in turmoil and added more fuel to the fire. Created by one-time billionaire Sam Bankman-Fried, it turned out a big fraud. Thanks to Binance’s research skills, it was revealed that a large portion of FTX’s native token—FTT—was invested into the exchange’s partner firm Alameda Research. Which means that Bankman-Fried was pumping value artificially, resulting in accusations of fraud against FTX.
The token’s value quickly collapsed and FTX went in bankruptcy following a liquidity crisis. Binance was quick to act selling its holdings of the token. It then sent a letter of intent to acquire FTX with due diligence, although it was withdrawn the next day. FTX filed for bankruptcy on November 11, with Bankman-Fried resigning as CEO. He admitted his mistakes in a lengthy twitter thread, though later he posted some very cryptic messages which haven’t been decoded yet.
FTX’s demise is the reason why the crypto market fell apart. This will have implications for months to come unless a bull market materializes out of the blue. The good news is that the market has steadied, and now may be the perfect time to jump in.
Bitcoin Price Prediction
Right now, Bitcoin is trading at just over $16,000, but has seen a slight increase from the $15,000 lows. It’s trying to reclaim the $17,000 level, consolidating in a new range that will further show us what happens next. Resistance according to the 50-day moving average is around $17,350. A cross above it may take the price over $18,000.
Right now, what needs to happen is for the $16,000-$17,000 trading range to break. If Bitcoin reclaims the higher levels, great. If it doesn’t, we’ll wait for another week. With FTX gone, time will pass before the market stabilizes. In an unstable global economy and the war in Ukraine escalating, nothing is clear.
But, we’ve seen crisis before and crypto has always persevered. That will be the case right now too. A slight turn of the wind’s direction can have a butterfly effect on the prices, pushing Bitcoin into the green like we’re all hoping for.
