BTC Price Prediction - Are We Going Back to $16k Today?

BTC Price Prediction – Are We Going Back to $16k Today?

Updated: 17 November 2022

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin has had a relatively challenging week. The crypto asset dropped below $16K amid the fallout from the FTX debacle. In the last 24 hours, Bitcoin has dropped by 1.36%, trading at $15,585. The broader market has also lost 1.78% of its value in the same time frame.

Despite the short-term decline in the asset’s price, investors may wonder whether they should hope for a rebound or whether they should look for gain in other assets.

Bitcoin Price Action

Bitcoin has shown mixed technicals with the current price action. The digital asset trails its short-term moving average (MA) indicators, with its 10-day MA standing at $16,900.

Currently, Bitcoin trades above its 100-day and 200-day moving averages, which appears to be a good long-term investment. BTC’s moving average convergence divergence (MACD) appears to be negative, signaling a sell. With a relative strength index (RSI) of 53.72, the asset doesn’t appear overbought.

FTX Debacle Continues to Linger

So far, the aftermath of FTX has been the main market driver. Investors continue to be affected by the bankrupt exchange, which went bankrupt just over a week ago.

The FTX issue has so far shaken confidence in the cryptocurrency market. New investors fear stepping in because they don’t know who to trust. Also, coin prices have been in a tailspin, and the prevailing opinion is that this could be a very long winter.

With Bitcoin being the leading digital asset, it is understandable that it has been the one to be affected the most.

Progress on Inflation

While the FTX saga remains on investors’ reports, the current inflation trend relieves many.

Last week, the Federal Reserve shared details on the consumer price index (CPI) for October, with the metric rising by 0.4%, much lower than most investors expected. With inflation starting to ease, there is renewed hope that the Fed will take a much more relaxed approach toward interest rate hikes. That should signal some relief for Bitcoin and other risky assets.

Looking for Gains? TARO Is A Solid Option

As investors continue to look towards Bitcoin for a general direction of the market’s dynamics, there are still a few other coins that could present profitability opportunities for them. One such name is TARO – the native token for RobotEra.

RobotEra is currently one of the most promising metaverse platforms at the moment. The platform allows users to choose their avatars representing them in the digital world. Players can purchase land, property, and other in-game assets as well.

In RobotEra, all properties and assets are non-fungible tokens (NFTs). This means that players can make money from their digital assets. Essentially, it is a world-building metaverse platform like The Sandbox and Decentraland.

RobotEra’s native token, TARO, facilitates all trades and transactions within the platform. The asset is now available on presale, and while the process just began, this asset is tipped to be one of the hottest metaverse coins in the long run.

The RobotEra is currently in its presale stage and has raised about $94,000 in investment raise. New Investors can get the 1 TARO token for $0.020 before the next round of presales.

📣 Important Reminder, #RobotEra Army! 📣

🚨Don't forget to join the presale!🚨

Hurry up! ⬇️https://t.co/UJ3inomU89 pic.twitter.com/MBRiq1PKtm

— RobotEra (@robotera_io) November 15, 2022