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BTC Price Prediction – Is Bitcoin Heading Back to $17k Today?

Bitcoin Price
Bitcoin Price

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Bitcoin has been trading at a significant premium over the past week. In the last 24 hours, the digital asset has pumped up by 5.86%, trading at $16,561. The broader market is also up by 5.86%.

However, what do the fundamentals say about a possible surge to $17,000, and what other profitable crypto asset can investors look out for?

BTC Price Action

With its impressive performance, Bitcoin has shown some strong technical improvements. The asset is currently trading above all its moving average (MA) indicators, ranging from the 10-day MA of $16,557 to the 200-day MA of $16,316.

The asset will need a few more gains to beat its short-term MA indicators, but that shouldn’t be so challenging since it’s on a rally.

Bitcoin graph

With a positive moving average convergence divergence (MACD), Bitcoin is giving off a buy signal. Investors will also be convinced about it, as its relative strength index (RSI) of 56.67 shows it is not overbought yet.

Investor Sentiment Lightens on Interest Rate Hikes

One of the primary catalysts for a possible price surge is that the Federal Reserve is expected to take a more lenient approach toward interest rate hikes.

The Fed has been battling rising inflation all year, and its primary tool has been interest rate hikes. After months of successful hikes, including two months where 75 basis points raised interest rates, the October consumer price index (CPI) data came out much better than analysts had expected.

This has led to more experts believing that the agency will be less aggressive with rate hikes at the next Federal Open Market Committee (FOMC) meeting.

Interestingly, the Fed has signaled that it could loosen its monetary policy a bit. The agency recently released a statement explaining that less aggressive interest rates are possible.

However, the Fed also pointed out that it will consider several factors as its objective remains to keep inflation under 2%.

MAcroMicro, a company that publishes investor consensus estimates on expected interest rate changes, recently revealed that most investors believe the Fed will drop interest rates in the near future. However, public sentiment also shows that futures rates could drop, a possible catalyst for a rise in crypto prices.

TARO Offers Gains for Value-Seeking Investors

As the crypto market looks to see how big coins like BTC will perform in the future, several other coins could be primed for gains. One crypto asset that has investors talking is TARO, a new metaverse token with massive potential.

TARO is the native token for RobotEra. It is a metaverse platform that allows players to engage in world-building. Here, players can choose avatars and enter a virtual world to buy land and other properties.

With RobotEra, all properties are available as non-fungible tokens (NFTs), meaning that players own what they buy. They can develop the universe and live in it, making RobotEra a direct competitor to industry giants like Decentraland and The Sandbox.

TARO, the platform’s native token, is now available on presale. It launched less than a month ago and raised over $180,000. With the market still bearish, this presale is one in which profit-seeking investors can surely see gains.

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