{"id":360051,"date":"2022-11-26T12:38:07","date_gmt":"2022-11-26T17:38:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=360051"},"modified":"2022-11-26T12:39:03","modified_gmt":"2022-11-26T17:39:03","slug":"btc-price-prediction-will-it-break-above-16700-this-weekend","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/btc-price-prediction-will-it-break-above-16700-this-weekend","title":{"rendered":"BTC Price Prediction – Will It Break Above $16,700 This Weekend?"},"content":{"rendered":"

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..<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

BTC Price Suffers FTX Contagion, Downtrend Continues<\/b><\/h2>\n

The <\/span>collapse of the FTX crypto exchange <\/span><\/a>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 \u2018risk-off\u2019 market sentiment following the FTX-driven fear, uncertainty, and doubt (FUD).<\/span><\/p>\n

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, \u201cthe bear market has run its course.\u201d<\/span><\/p>\n

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, \u201cBitcoin has never had a bear market where the price only falls by 60-70%.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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JUST IN: Cathie Wood's Ark Invest just bought $2.8m of Grayscale Bitcoin Trust.<\/p>\n

Currently trading at 41% discount to #Bitcoin<\/a> price \ud83e\udd14<\/p>\n

— Bitcoin Archive (@BTC_Archive) November 15, 2022<\/a><\/p><\/blockquote>\n