HomeBusinessCryptoBitcoin Price Prediction as BTC Sees $16 Billion Trading Volume Come In

Bitcoin Price Prediction as BTC Sees $16 Billion Trading Volume Come In

Bitcoin (BTC) was buying and selling close to a current value flooring because the weekend started on a bearish be aware. Bitcoin is buying and selling barely decrease on Saturday, beneath the 23.6% Fibonacci retracement degree, with resistance at $17,250.

Stock-to-Flow Sets a New Low

An already detrimental development has been strengthened by the continual drop in BTC’s value within the wake of the FTX controversy. This impacts not solely miners but additionally a few of Bitcoin’s most well-known metrics, and it has repercussions for a lot of different important elements of the Bitcoin community.

One of those is stock-to-flow (S2F), whose value predictions are beneath higher scrutiny and criticism. The mannequin, which used block subsidy halving occurrences as a central ingredient in plotting exponential value development by the years, was very talked-about till Bitcoin’s final all-time excessive in November 2021.

While S2F isn’t “up only,” it does permit for giant value swings; but, even with these elements considered, present targets stay considerably larger than the present market value. 

On November nineteenth, Bitcoin ought to commerce for a bit of over $72,000, or a a number of of -1.47, in keeping with the devoted monitoring useful resource S2F Multiple. On November tenth, because the market felt the results of FTX, the a number of touched -1.5, a detrimental studying is rarely seen earlier than in S2F’s historical past.

FTX Problems are Getting Even Worse

Despite the truth that it has been two weeks, FTX-driven worry, uncertainty, and doubt (FUD) is retaining Bitcoin costs beneath strain. FTX was beneath the watchful eye of the Securities Commission of Bahamas (SCB) earlier this week.

To look into FTX’s violations, the regulator teamed up with the Financial Crimes Investigation Branch. The fee’s swift denial of the SCB’s request got here after FTX introduced it might start permitting Bahamian funds withdrawals. Recent information, nevertheless, exhibits that SCB motion was taken in opposition to the trade days earlier than the investigation even started. 

Earlier this week, the governing physique issued an announcement saying it had taken management of FTX Digital Markets (FDM) funds and transferred them to a digital pockets managed by the SCB. The fee claimed they did this to guard buyer cash and belongings. 

With extra authorities trying into the FTX trade, the corporate’s already dire state of affairs deteriorated additional. Disruptions to the cryptocurrency market have adopted the trade’s closure. Because of this, individuals who maintain BTC/USD may resolve to liquidate their holdings for security causes. 

The unpredictable market motion additionally means the worth may go up, down, or sideways.

Bitcoin Price Prediction

It started buying and selling at $16,683, with a excessive of $16,772 and a low of $ 16,564. BTC/USD is presently buying and selling at $16,653, down by almost 0.50% in 24 hours. CoinMarketCap now ranks first, with a stay market cap of $320 billion.
It has a complete provide of 21,000,000 BTC cash and a circulating provide of 19,211,562.

Bitcoin Price & Tokenomics – Source: Tradingview

Bitcoin’s value is consolidating inside a large buying and selling vary, presently between $15,800 to $17,200.  Since Bitcoin’s value dropped beneath the 23.6% Fibonacci degree of $17,250, the possibilities of a downtrend stay robust till the subsequent assist space of $15,800. 

On the draw back, Bitcoin’s quick assist is at $14,530, and if the bearish development continues, the worth may fall as little as $13,850. Because the RSI and 50-day transferring common point out a bearish bias, the worth of Bitcoin may fall beneath $15,830 if present assist fails to carry.

Bitcoin Price Chart – Source: Tradingview

Today, nevertheless, the promoting bias stays robust beneath the $17,250 degree. On the opposite hand, elevated BTC demand can push the BTC/USD value above $18,250 and towards $20,000.

Top Crypto Coins on Pre-Sale 

Dash 2 Trade (D2T)

Dash 2 Trade is an Ethereum-based buying and selling intelligence platform that gives real-time analytics and social knowledge to merchants of all ability ranges, permitting them to make extra knowledgeable choices.

It began its token sale three weeks in the past and has already raised greater than $6.5 million. It additionally introduced its first CEX itemizing on LBank exchange

The present worth of 1 D2T is 0.0513 USDT, however that is anticipated to rise to $0.0533 within the subsequent stage of gross sales and $0.0662 within the remaining stage.

Visit Dash 2 Trade now

Calvaria (RIA)

Calvaria is a brand new cryptocurrency gaming mission that has the potential to dominate the market for play-to-earn video games. One of the primary limitations to widespread Web3 gaming adoption, in keeping with Calvaria builders, is that video games require customers to have technical data of crypto. This signifies that a lot of customers are excluded.

As a consequence, Calvaria permits customers who don’t personal cryptocurrency to take part within the sport, distinguishing it from the competitors and permitting a complete new viewers to take part.

Calvaria’s presale is choosing up steam, with the mission already in stage 4 of 10 and almost $1.8 million in funding.

1 RIA token prices $0.025 in the intervening time, however this can rise incrementally with every subsequent stage of the presale, which is presently in Stage 4.

Visit Calvaria Presale Now

RobotEra (TARO)

Another mission with the potential to vary the gaming neighborhood and the digital world is RobotEra (TARO). Although the asset’s presale has solely not too long ago begun, there’s already plenty of curiosity from potential consumers.

The platform’s native token is TARO, and it’s a blockchain-based Metaverse the place customers can create avatars and discover a digital world. Players in RobotEra can purchase land, construct on it, and increase their areas with varied belongings.

RobotEra additionally has a shared metaverse the place customers can take part in a wide range of actions reminiscent of sports activities, live shows, and different aggressive occasions. The first stage of TARO’s presale is now stay, and it’s rapidly promoting out.

Visit RobotEra Presale Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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