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Bitcoin Price Prediction – Will BTC Price Break Out Above The $16k Barrier Today?

Bitcoin Price Prediction - Will BTC Price Breakout Above The $16k Barrier Today
Bitcoin Price Prediction - Will BTC Price Breakout Above The $16k Barrier Today

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With the recent events in the cryptocurrency market, there has been a downtrend in prices and Bitcoin, the apex asset is one of the sources of hope for a revival due to its market dominance.

BTC had rallied briefly in the past weeks before getting stuck at the $16,500 range. BTC controls a large share of the total market capitalization. The fear index of investors in the market is at an all-time high, with many skeptical of bitcoin’s chances.

However, Bitcoin has proven its durability over the years, retaining its number-one spot among other cryptocurrencies.

BTC price has reached a short-term consolidation range based on technical data. The price has remained in the $16,000 to $17,000 level, with gains noted today. This price ceiling is caused by lower demand in the market from buyers.

Bitcoin Price Prediction Based on Current Scenario

Bitcoin Price Prediction - Will BTC Price Break Out Above The $16k Barrier Today
Source: Tradingview.com

Short-term Analysis

Bitcoin price moved in the horizontal direction in the short term. It indicates that the price of bitcoin will likely continue without much difference in the short term. The asset has its closest support level at $15,650 and resistance at $16,554.

Long-term Analysis

On the longer time frames, BTC price is in a falling trend channel. Investors created this downward trend – dumping the asset at lower prices to close their positions. This trend also indicates a lack of interest among investors in the project. Since BTC fell below the $19,000 support level, a further price decline is likely.

Technical Outlook For Bitcoin

Bitcoin Price Prediction - Will BTC Price Breakout Above The $16k Barrier Today
Source: Tradingview.com

Technical indicators provide a more accurate measure of vital statistics in the market. Due to its sideways trend, Bitcoin has recently been stuck between $16 and $17k.

The coin currently trades around the $16,516 level, with prices fluctuating constantly. The 50-day SMA is currently below the 200-day SMA, indicating a price drop. Also, the MACD is currently below its signal line. The convergence of the two lines shows that the total trading volume is decreasing.

The RSI is also bearish in the oversold level of 41. The short-term analysis for bitcoin is a strong sell signal. However, based on the past price behaviour of bitcoin, it will likely bounce off support levels and go on a bullish run.

Using the Fibonacci retracement tool on this chart indicates the next possible price reversal for bitcoin. The price is currently in a downtrend and will likely retrace to the $17,114 level.

However, it might not get to the $18,141 level with the current state of the cryptocurrency market. Expect the price of bitcoin to remain in the $16k to $17k range for a little longer.

Multiple Projects With Potential During Bear Market

With the current uncertainty in the market, investors and traders can consolidate on coins with larger short-term gains. These coins include those already on pre-sale, and they will be listed by major exchanges in the future.

Some of these coins have recorded gains of around 1,800% due to their solid framework. Here are the top three projects at the moment:

Dash 2 Trade (D2T)

Hosted on the Ethereum blockchain, D2T is an intelligence trading platform and investors’ delight. It gives access to real-time analytics and social trading data to help traders make decisions.

Dash 2 Trade (D2T)

The coin will officially launch in the first quarter of 2023. D2T already registers over $7.3 million from sales. It is also slated for listing on BitMart and LBANK Exchange early next year. This project will give investors returns soon.

RobotEra (TARO)

This is a Sandbox-style metaverse project. Its official launch for the alpha version is slated for the first quarter of 2023. On the platform, gamers will play as robots and create a virtual reality that includes NFT-based buildings, lands, and in-game features.

Bitcoin Price Prediction - Will BTC Price Breakout Above The $16k Barrier Today

1 TARO is currently sold for 0.020 USDT and can be purchased with either ETH or USDT. The price will likely jump to $0.025 by the second phase of the pre-sale starting soon.

Calvaria (RIA)

This is a card-trading game that is blockchain-dependent. Here players engage in battle using NFT cards to earn rewards. Its standout feature is that it enables gamers to play even without holding cryptocurrency.

Calvaria (RIA)

This feature increases its popularity among gamers. RIA is the token used within the ecosystem to make in-game purchases. It has already amassed $2.1 million at pre-sale and is in the fourth stage of development.

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