{"id":447305,"date":"2023-10-12T12:45:49","date_gmt":"2023-10-12T12:45:49","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=447305"},"modified":"2023-10-12T21:36:34","modified_gmt":"2023-10-12T21:36:34","slug":"wrapped-btc-price-prediction-can-wbtc-match-btcs-rally-to-90000-amid-rising-wrapped-tokens-popularity","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/wrapped-btc-price-prediction-can-wbtc-match-btcs-rally-to-90000-amid-rising-wrapped-tokens-popularity","title":{"rendered":"Wrapped BTC Price Prediction: Can WBTC Match BTC’s Rally to $90,000 Amid Rising Wrapped Tokens Popularity?"},"content":{"rendered":"

Data from the on-chain tracking platform <\/span>DEX Tools<\/span><\/a> indicated that the price of Wrapped Bitcoin (WBTC) stood at $26,747.35 at press time. This was after the wrapped version of the market leader dropped 1.93%, which also coincided with the price movements of BTC during the same period. <\/span><\/p>\n

The Connection Between BTC and WBTC<\/span><\/h2>\n

Despite the recent loss, the growing interest in Bitcoin (BTC<\/a>) spot exchange-traded funds (ETFs<\/a>) could lead to the leading cryptocurrency’s price soaring in the next few months. In turn, WBTC’s price may undergo the same strong price movement, given that WBTC is just a wrapped version of BTC minted on another blockchain, with a 1:1 backing of BTC.<\/span><\/p>\n

Technical Overview<\/h2>\n

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Daily chart for WBTC\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

From a technical perspective, a symmetrical triangle has formed on the daily chart for WBTC\/USDT after the cryptocurrency printed higher lows and lower highs throughout the past 3 weeks. This pattern suggests that WBTC’s price may enter a strong move soon.<\/span><\/p>\n

Although the chart pattern suggests a potential price breakout in either direction, technical indicators on WBTC’s daily chart indicate that the cryptocurrency’s price may break out towards the downside. At press time, the daily Relative Strength Index (RSI) indicator and the daily Moving Average Convergence Divergence (MACD) indicator supported this bearish thesis.<\/span><\/p>\n

Sellers Are Growing Stronger<\/span><\/h2>\n

The RSI on WBTC’s daily chart had crossed below the daily RSI Simple Moving Average (SMA) line. This suggests that sellers have gained a short-term upper hand on WBTC’s charts. Consequently, WBTC’s price may drop in the coming few days. <\/span><\/p>\n

Adding credence to this bearish thesis is the fact that the daily MACD line crossed below the daily MACD Signal line over the past 48 hours. This noteworthy technical flag suggests that WBTC’s negative price movement may continue in the coming few days.<\/span><\/p>\n

WBTC at Risk of Dropping to $25K<\/h2>\n

Should these technical flags be validated, WBTC’s price could drop to as low as $25,000 over the next 2 weeks. Given the breakout chart pattern that had formed on its daily chart, WBTC’s price may drop below this level if sell pressure persists. Should this be the case, the cryptocurrency’s value could drop to as low as $22,270 in the medium term.<\/span><\/p>\n

The Possibility of a Bullish Reversal<\/h2>\n

On the other hand, if WBTC’s price is able to remain above the lower level of the symmetrical chart pattern for the next 48-72 hours, then the bearish thesis may be invalidated. In this more bullish scenario, WBTC may break out towards the upside. This could then lead to WBTC attempting a challenge at the next barrier, which was around $29.9K. <\/span><\/p>\n

A daily candle close above this level could give the cryptocurrency the foundation needed to continue its ascent towards the subsequent resistance level. As a result, WBTC<\/a> may rise to as high as $36,600 within the following fortnight.<\/span><\/p>\n

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Weekly chart for WBTC\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

From a longer-term perspective, a medium-term positive trend line had formed on WBTC’s weekly chart. This was after the cryptocurrency’s price recorded a higher low of $24,200 on 21 August of this year. Should this positive momentum continue, WBTC<\/a> may attempt to flip the resistance level at $29,900 into support in the coming 2 weeks.<\/span><\/p>\n

If WBTC is able to break above this level, traders may identify this as a bullish sign. Subsequently, WBTC’s price may continue to rise to the aforementioned mark at $36,600 before continuing to climb to the $48,750 threshold through the course of the coming months. <\/span><\/p>\n

In an extremely bullish scenario, WBTC may then attempt to overcome the $69K barrier. If it succeeds in this regard, then the cryptocurrency could soar to a new all-time high (ATH) of $90K in the following few months.<\/span><\/p>\n