Bitcoin Price Prediction - BTC Is Stuck at $16.9k, Are We Going Back Above $17k Today?

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2022 was a rather dreadful year for cryptocurrency investors globally. Most coins witnessed a new bottom and many popular companies in the crypto space had to shut down their business. Now that the year is about to end, there’s a lot of chatter about where the industry goes from here, with Bitcoin as the frontrunner crypto.

Is Bitcoin dead? Well, not really. Although the current market condition might indicate otherwise, Bitcoin is nowhere near dead, and it might make a move upwards.

Bitcoin Takes A Fall This November- Will It Stay?

The crypto market in 2020 has struggled to stay afloat for a variety of reasons, including the increasing inflation triggered by the rise in interest rates by the central bank as well as the Russia-Ukraine war that disrupted the geopolitical stability and consequently affected most major markets including cryptocurrencies.

While the effect on other commodities is relatively not that intense, Bitcoin has plummeted quite steeply and therefore rightfully raised concerns. Because of this, many investors are pulling out their investments causing BTC to decline in value.

Equally disturbing happenings aid this panic in the crypto and blockchain world, where the space first noticed the fall of the LUNA ecosystem that wiped out over $40 billion of investors’ wealth in a matter of days. The Celsius network suspending withdrawals and transfers too played a part in Bitcoin tracing the bottom. Following these events, the recent crash of FTX aggravated the situation even more since the already skeptical investors are now increasingly unsure about their investments in cryptocurrencies.

Is BTC Going Back Above $17k Today?

The price of BTC has been looming within the $16,900 range for a while now. Naturally, volatility has been low over the past two days, as the market seems to have been stabilizing after the FTX fiasco. At the current rate, there does seem to be a bullish movement that can be seen in the overall cryptocurrency industry. Many have been speculating the cryptocurrency to have found its bottom and to reverse soon. Despite all the noise in the market, it is essential to understand that BTC has a rather uncommon nature when it comes to price movements.

Many major analysts claim that while there may be speculation of the bottom being found, one does need to weigh in the fact that equity markets have been bleeding on a macro level too. It has been seen historically that the crypto industry often coincides with, and is majorly influenced by other global markets. This puts the sector at a disadvantage since the economic crisis isn’t something that can be gotten rid of easily.

However, on the short term, BTC does indicate a move up to the $17,200 levels, since an increase in trading volume and overall interest in crypto seems to have spiked in the past 24 hours. This is evident on social media platforms, where several major cryoptocurrencies seem to be trending. Moreover, the anticipation and excitement of upcoming festivities and the ongoing Football World Cup have also created an overall bullish sentiment.

Thus, it can be speculated that although the long term move of BTC does seem to indicate further drop in price, it can easily perform and maintain a leg up for the next couple of days.

Could BTC be Dead?

The volatile nature of Bitcoin is a consequence of the asset not having any intrinsic value according to a few market players. Yes, the price of the coin is driven by speculations but there’s more to Bitcoin than pump and dump. The token has historically shown such volatile patterns multiple times, during the bull runs to be precise, but this is independent of the token’s utility. This is exactly the reason why investors choose to stay invested in the coin even when it has reached a plateau.

The true value of Bitcoin lies in the fact that it was the first cryptocurrency that revolutionized the way we record-keep transactions and presented a better way to send “money” while acting as a store of value. This way, investors could secure their funds and witness their rise in value over time. In addition to this, it also paved the way for an entirely new ecosystem to exist and remains among the few coins due to which investors choose to enter the crypto world.

The bottom line is, Bitcoin isn’t dead. In fact, it is not going anywhere anytime soon. The current downfall is only a temporary issue and Bitcoin still holds the same potential as it did a decade ago. However, it goes without saying that investors are always looking for newer and better avenues to generate massive profits. The ideal option for such situations would be to invest in the latest projects that are not only in their early days but also have fundamentally strong ecosystems.

Listed below are some options that could potentially reward users massively in the upcoming weeks.

D2T

Dash 2 Trade is a revolutionary platform that’ll help investors make informed trading decisions using the set of tools on the website. The platform will have features such as strategy builder tools, signal best buying opportunities and notify users of any presale launches. Anyone can become a part of the project by investing in the presale currently live on its official website.

TORA

Tora Inu is a platform where users can battle their NFTs and win the TORA token. It has a lot of play-to-earn games as well as a future metaverse integration planned. There are also a lot of arcade games including puzzles and races. With the game, players can have fun and earn at the same time making it a great choice to add to their portfolios.

RIA

The play-to-earn economy is thriving, and Calvaria: Duels of Eternity is among the new additions to the growing category. In the game, users can build strategic decks of cards and battle against other players and win rewards. The rewards will be paid in RIA tokens, which can be used to make in-game purchases or be staked to earn a passive income. Calvaria is currently undergoing phase 5 of its presale and one can purchase 30.77 RIA tokens for 1 USDT. These tokens can be claimed when they’re officially launched.

TAMA

Tamadoge is a great example of how profitable P2E tokens can be. The game recently raised $19 million in its presale and offered close to 10x gains to investors when it got listed on exchanges. In the game, investors are rewarded for battling their Tamadoge pets and ranking on the leaderboard. In return, they’re rewarded with TAMA tokens which can be used to make purchases in the game or traded independently.

For those looking to make massive gains in the shorter term, while also holding strong projects in their portfolios, these cryptocurrencies can be excellent options.

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