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

Crypto Update
7 Min Read

- Advertisement -

Bitcoin (BTC) was trading near recent price bottoms as the weekend started on a bearish note. Bitcoin It is trading slightly below the 23.6% Fibonacci retracement level of Saturday, with resistance at $17,250.

Stock-to-flow sets a new low

The already negative trend has been reinforced by a steady decline in BTC price in the wake of the FTX controversy. This affects not only miners but also some of bitcoin’s most well-known metrics, and has consequences for many other essential parts of the bitcoin network.

One of these is stock-to-flow (S2F), whose price prediction is subject to much scrutiny and criticism. The model, which used block subsidy events as a central component in plotting exponential price growth through the years, was very popular until bitcoin’s final all-time high in November 2021.

While S2F is not “only up”, it allows for large price swings; Still, even taking those factors into account, current targets are well above current market valuations.

On November 19, bitcoin should trade at a multiple of just over $72,000, or -1.47, according to dedicated tracking resource S2F Multiples. On 10 November, as the market felt the effects of FTX, the multiple touched -1.5, a negative reading never before seen in S2F history.

FTX’s problems keep getting worse

Despite the fact that it has been two weeks, fear, uncertainty and doubt (FUD) driven by FTX are keeping the bitcoin price under pressure. FTX was placed under the supervision of the Securities Commission of the Bahamas (SCB) earlier this week.

To look into the violations by FTX, the regulator teamed up with the Financial Crimes Investigation Branch. The commission’s swift denial of SCB’s request came after FTX announced it would begin allowing Bahamian fund withdrawals. However, recent news suggests that the SCB action was taken against the exchange just days before the probe was launched.

Earlier this week, the governing body issued a statement saying it had taken control of FTX Digital Markets (FDM) funds and transferred them to a digital wallet managed by SCB. The commission claimed that they did this to protect the money and property of customers.

With more executives turning their attention to the FTX exchange, the company’s already dire situation worsened. The disruption in the cryptocurrency market comes after the exchange was shut down. Because of this, those holding BTC/USD may decide to liquidate their holdings for security reasons.

Unpredictable market movements also mean that the price can move up, down or sideways.

bitcoin price prediction

It started trading at $16,564 with a high of $16,683 and a low of $16,772. BTC/USD is currently trading at $16,653, down about 0.50% in 24 hours. Coinmarketcap now ranks first with a live market cap of $320 billion.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,211,562.

Bitcoin Price and Tokennomics – Source: Tradingview

Bitcoin price is consolidating within a wide trading range, currently between $15,800 and $17,200. As bitcoin price declined below the 23.6% Fib level at $17,250, the potential for a downside move to the next support area at $15,800 remains strong.

On the downside, an immediate support for bitcoin lies at $14,530, and if the bearish trend continues, the price could drop as low as $13,850. As the RSI and the 50-day moving average are showing a bearish bias, if the current support fails, bitcoin price could decline further below $15,830.

Bitcoin Price Chart – Source: Tradingview

However, today there is a selling bias below the $17,250 level. On the other hand, increased demand for BTC could propel the BTC/USD price above $18,250 and $20,000.

Top Crypto Coins On Pre-Sale

Dash 2 Trade (D2T)

dash 2 business Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make more informed decisions.

It launched its token sale three weeks ago and has already raised over $6.5 million. It also announced its first CEX listing LBank Exchange,

The current price of 1 D2T is 0.0513 USDT but it is expected to rise to $0.0533 in the next phase of the sale and to $0.0662 in the final phase.

Visit Dash 2 Trade Now

Calvaria (RIA)

calvaria There is a new cryptocurrency gaming project that has the potential to dominate the market for play-to-earn games. According to the Calvaria developers, one of the main barriers to widespread Web3 gaming adoption is that the game requires users to have technical knowledge of crypto. This means that a large number of users have been excluded.

As a result, Calvaria allows users who do not have cryptocurrency to participate in the game, setting it apart from the competition and allowing a whole new audience to participate.

Calvaria’s pre-sales are picking up pace, with the project already in Phase 4 of 10 with approximately $1.8 million in funding.

The price for 1 RIA token is currently $0.025, but it will increase incrementally with each next phase of the pre-sale, which is currently in phase 4.

Visit Calvaria Presale Now

Robotera (Tarot)

Another project with the potential to transform the gaming community and the virtual world is RobotEra (Tarot). Though the pre-sale of the property has started recently, there is already a lot of interest from potential buyers.

The native token of the platform is TARO, and it is a blockchain-based metaverse where users can create avatars and explore a digital world. In Robotera players can buy land, build on it and expand their territories with various assets.

Robotera also features a shared metaverse where users can participate in a variety of activities such as sports, concerts, and other competitive events. first phase of tarot pre sales It’s live now, and it’s selling out fast.

Visit the Robotera presale now

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: cryptonews

Bitcoin Crypto Related Post

Share this Article
Leave a review

Leave a review

Your email address will not be published. Required fields are marked *