Bitcoin price prediction suggests that BTC is consolidating below the $16,800 resistance zone and could extend its slide if there is no recovery wave over the $17,000 barrier.
Statistics on Bitcoin’s Future Price Predictions The current price of Bitcoin is $16,791, according to data.
- Bitcoin currently has a market cap of 322.7 billion dollars.
- 19.2 million total Bitcoins are now in circulation.
- The total number of Bitcoins available is 19.2 million.
Bitcoin’s position on Coinmarketcap is number one for BTC/USD. Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $21,000, $23,000, $25,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD may need to recapture the ground above the resistance level of $17,000 as quickly as possible. The reason for this is that more action is anticipated above this level, and the longer Bitcoin (BTC) goes below the 9-day and 21-day moving averages, the more powerful the bears get. As a result, there is a possibility that the support located at 16,000 dollars will not be sufficient to maintain the current level of pressure. In this scenario, Bitcoin might retest its lows near the $15,000 support level. Bitcoin Price Prediction
Bitcoin Price Prediction: bitcoin (BTC) may continue its downward in the near future
The daily chart reveals that the price of Bitcoin is in preparation for an upward movement. As the coin is getting set for further downward trends. Consolidation expects to take precedence in the meantime, and the support level of $16,500 is doing a good job of holding. As the signal line drops below the level of 50. The technical indicator known as the Relative Strength Index (14) draws attention to the possibility of a downward trend action. If the green line of the 21-day MA crosses above the red line of the 9-day MA. Then it’s possible that the same circumstance will reflect in the moving averages.
However, the next few days could be extremely important for the price of Bitcoin. As a result, if the price of Bitcoin is unable to break above the 9-day and 21-day moving averages. The price of Bitcoin on the market could move below the level of $16,500. Or it could simply remain between the price ranges of $16,000 and $17,000. Nevertheless, the levels of resistance could be found at $21,000, $23,000, and $25,000. And the levels of support could be found at $14,000, $12,000, and $10,000 correspondingly.
BTC/USD Medium-term Trend: Ranging (4H Chart)
If the $16,000 support level breaches, the 4-hour chart shows that BTC/USD is likely to see a downward trend, and the coin’s value may start to decline as a result. It appears that the 9-day MA is moving closer to the 21-day MA. As a result of this, the BTC/USD pair may continue to fall until it reaches the crucial support level of $16,000 or lower.
BTCUSD — Chart for Four Hours
Further positive movement may drive the price of Bitcoin over the potential resistance level of $18,000. And higher if the bulls are successful in pushing the current price value above the 9-day and 21-day moving averages. The Relative Strength Index (14) is currently heading to cross below the level of 40, which indicates a bearish movement, as shown by the technical indicator. In other words, a bearish movement indicates.
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According to market analysts, the data over a longer period of time is favorable to Bitcoin
Bitcoin Price Prediction. The belief among investors that the United States Federal Reserve may implement interest rate hikes. Of a more moderate scale within the next two months and throughout the entirety of 2023. As a result of positive CPI numbers may also be contributing to the rise in investors’ confidence in the cryptocurrency market.
The possibility of a policy move remains open and connects to inflation. According to the statement release by the Fed: “In order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range. The Committee will take into account the cumulative tightening of monetary policy. The lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
In the not-too-distant future, interest rates may be lower than had been previously predicted, as shown by MacroMicro, a company that provides investors’ consensus projections on expected changes in interest rates.
Sentiment
The ways in which people feel about bitcoin have the potential to influence its price.
The sentiment of a market can be evaluate by investors with the help of a tool call a fear and greed index. A market characterized by fear is one in which investors are selling their holdings out of concern that prices will continue to decline. A market characterized by greed is one in which investors are buying with the expectation that prices will continue to climb.
The widely referenced Crypto Fear & Greed Index at alternative.me, which monitors the movements in the cryptocurrency market, reports that the market is currently in a condition of Fear. This indicates that crypto holders in general are selling their holdings out of fear of future losses. This status has not changed from the previous month.
Fear and greed indices, however, have been criticize on the grounds that while they may be useful as a barometer of attitude, they are not very good at predicting price fluctuations.
The levels of bitcoin outflow from cryptocurrency exchanges are another good indicator of sentiment. To put it another way, the more bitcoin that transfers out of cryptocurrency exchanges and into wallets, the more investors are holding onto their bitcoin in the hope that its value will increase.
According to the data provided by Messari.io, withdrawals are approximately 23 percent more than they were at this time last month.
The following is a verdict on sentiment: fear that prices could fall, combined with an apparent surge in withdrawals, could indicate that sentiment is low, which would signal that prices could decrease.
