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BTC Price Prediction – Will It Break Above $16,700 This Weekend?

BTC Price
BTC Price

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After a period of high correlation with the stock market and particularly Nasdaq, Bitcoin price decoupled this week. As stock prices recovered, the cryptocurrency market maintained its steady decline, and Bitcoin fell to $15,500..

Most traders are now wondering whether any silver linings are near-sight to this decoupling. For some time now, speculators have been sturdy, believing that BTC price should decouple from the stock market and perhaps even start to outperform it like in the past.

Nevertheless, it appears that decoupling to the downside is not something crammed with benefits as the stock market recovers with other risk-on assets, and the cryptocurrency market continues a downward trend.

BTC Price Suffers FTX Contagion, Downtrend Continues

The collapse of the FTX crypto exchange has had a huge impact on Bitcoin price, causing a fall of over 27% from highs of $21,478 on November 5 to two-year lows around the $15,000 demand zone. Chances of a market recovery remain bleak, with all signs pointing to a prolonged crypto winter supported by the ‘risk-off’ market sentiment following the FTX-driven fear, uncertainty, and doubt (FUD).

The Bitcoin hash rate continues to grow significantly, making the mining industry overly competitive, explaining why most large-scale miners like Core Scientific may be on the verge of bankruptcy. Most traders hoped that Bitcoin price had already hit bottom at $17,500, a belief that speculators backed with the $21K recovery saying, “the bear market has run its course.”

However, the likes of Richard Heart held firm to the opinion that it is extremely unlikely that BTC price does not continue on its downtrend, with the most probable scenario being that the price will fall to at least $11,000 before another potential decline. Heart supported his logic by mirroring previous price declines saying, “Bitcoin has never had a bear market where the price only falls by 60-70%.

According to market analysts, the latest price action presents a generational buying opportunity with only two years until the next halving, when the flagship crypto will become scarcer.

Institutional investors looking to acquire exposure to Bitcoin at lower prices can take advantage of the Grayscale Bitcoin Trust (GBTC) to buy Bitcoin at discounted prices of up to 41%. According to a Twitter post, renowned investor Cathie Wood has done just that via Ark Invest.

There was a substantial premium for GBTC over BTC itself during the whole Bitcoin bull market, while the bear market reversed the trend completely. The GBTC premium has been very reliable in predicting BTC price direction, and despite Wood’s accumulation, it does seem like the bear market is approaching its end.

BTC Price Analysis

Bitcoin has been flashing green for the past few days following the recent release FOMC minutes that were more dovish than expected that showed that the Fed may reduce their interest hikes in the near future. Bitcoin is currently down 0.7% over the past week and -76% from its all-time highs. At the time of writing, Bitcoin has gained 0.5% to trade at $16,596, according to data on CoinGecko.

The big crypto appears to be battling resistance from the $16,700 resistance level. The appearance of the doji stick at the end of the daily chart (below) shows that there is a fierce battle between buyers and sellers for the control of the price.The back and forth between the bears and the bulls is also validated by the flattening of the relative strength index. 

If Bitcoin price favors the bulls, it will turn up from the current level to confront the immediate resistance from the aforementioned level. If this happened, the bulls would be bolstered to push the price toward the intermediate resistance around the $18,200 area, representing a 9% climb from the current level. 

Note that this area provided formidable support for the price of the pioneer cryptocurrency between September 19 and November 22.

BTC/USD Chart

Bitcoin Price daily chart

On the downside, the RSI is still positioned at 39 in the negative region, suggesting that there are still more sellers than buyers in the market. It also means that the market sentiment is still negative. As such, the current BTC price at $16,496 is still uninspiring as the Bitcoin Greed and Fear Index at 22 shows that investors are extremely fearful.

Bitcoin Fear And Greed Index

Bitcoin Fear and Greed Index

According to Alternative, a firm that analyzed emotions and sentiments around crypto, extreme fear is a “sign that investors are too worried” and in turn offload their holdings in fear of losing their investments. 

Therefore, with the fear and anxiety across the broader market increasing, chances are high that bears will take control of the market again. Bitcoin needs to hold the immediate support at $16,320 to prevent the price from slipping below the $16,000 psychological level again.

To breach the $16,700 level this weekend, Bitcoin will have to fight the resistance at $16,692 (green). This is possible with speculation that the Federal Reserve will ease interest rate hikes as inflation for October was better than expected, at 7.7%, the lowest since January 2022.

The data has prompted jumps across the crypto and stocks sectors, with the next Fed meeting on monetary policy slated for December. If the Fed eases its hawkish position, Bitcoin and the market as a whole will record significant gains.

Four Alternative Coins to Buy

With the crypto market dropping, investors should add Altcoins with the potential to grow their portfolio. Here are four promising alternatives worth considering amid the unstable market. 

RobotEra (Taro)

RobotEra is a blockchain-based game focused on making players a big part of the project. The project is building a Sandbox-like planet-rebuilding metaverse where players own everything they buy. This means you can manage everything you own, including land, and even take part in the creation of the world.

The project is just starting and is currently in the presale stage, where the native token TARO is already attracting investors to make early gains- the hottest pre-sale in 2022.

You can get in on the RobotEra presale by buying the $TARO token at $0.020 USDT.

Alternatively, you can buy with the ETH in your wallet and once the public pre-sale ends, use the claim page to claim your purchased TARO.

Dash 2 Trade (D2T)

Dash 2 Trade stands among the hottest up-and-coming cryptocurrency platforms and tokens in the market today, providing a system where users can determine which crypto they could be trading at a time before it explodes to become extremely trendy and costly.

Running like a social media platform for crypto traders, Dash 2 Trade is the place to be if you want signals for crypto investments. The signals come in different forms, but you get the ones that have the most actionable impact by way of listing alerts, pre-sales, technical indicators, social metrics, and more.

“D2T will feature on-chain statistics for token and wallet activities. With an investment in #D2T, token holders will be able to monitor whale movements and market maker dynamics throughout different #blockchains.”

The native token for the Dash 2 Trade project is the D2T, used to make payments to access available services. 

IMPT

In case you missed the pre-sale 1 stage of the revolutionary IMPT project, where one IMPT token was going for $0.018, a pre-sale 2 stage is now ongoing. It offers you a chance to enlist into a large ecosystem connecting socially responsible brands with businesses and individuals interested in reducing their carbon footprint. The demand is only expected to go high.

“The demand for carbon credits will continue to rise. It is estimated that the volume of credits required globally will increase at least 20-fold by 2035.”

The blockchain-based project also empowers you to buy, sell, or retire carbon credits while avoiding double counting and fraud. You can join the impactful carbon offset program by investing in the IMPT token, the native currency for the IMPT project. A single IMPT token is selling for $0.023.

Calvaria

Calvaria Duels of Eternity is also worth looking into, especially if you are a crypto hobbyist or enthusiast. The project’s core objective is to speed up the mass adoption of crypto by leveraging play-to-earn (P2E) games.

Even the most renowned brands in the crypto space have already spotted the opportunity here and support Calvaria’s vision for widespread crypto adoption. So far, the project has raised 2,003,099 USDT out of 2,100,000 USDT (94% at stage 4), with a single USDT getting you up to 40.00 $RIA.

“90% + sold in the 4th stage! Hurry up before the price increases!”

 This is the time to buy in before the pre-sale ends, or you risk losing at least 7 $RIA from the same amount (1 USDT).

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