Bitcoin Price Regains Strength, Why BTC Could Surpass $18K This Time

Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone. Bitcoin found support near $16,700 and started a decent increase. The price is trading above $17,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is eyeing more gains above the $17,400 and $17,500 resistance levels. Bitcoin Price Eyes Upside Break Bitcoin price declined below the $16,800 support level. However, BTC bears failed to clear the $16,700 level. The price traded as low as $16,700 before there was a fresh increase. There was a decent increase above the $16,850 and $16,900 levels. The price cleared the 50% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Besides, there was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. It is also trading near the 76.4% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term. Dips Supported in BTC? If bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. An immediate support on the downside is near the $17,100 level. The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call a drop towards $16,700. Any more losses might push the price towards the $16,200 zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. Major Support Levels – $17,000, followed by $16,700. Major Resistance Levels – $17,280, $17,500 and $18,000.

Crypto Crisis Pushes BTC Mining Difficulty To Bottom Spot, Any Possibility Of Reversal?

The low profitability of BTC mining is still puzzling for many crypto fanatics and investors. There’s no surprise here, given the ever-increasing energy costs. Moreover, the bear market is also significantly impacting Bitcoin’s mining difficulty. As for now, making reasonable profits from mining Bitcoin is not probable. This fact, however, doesn’t imply that BTC mining is fruitless. On the contrary, miners would be alright, provided they engage the right tools in the mining process. Related Reading: Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside The Difficulty of BTC Mining Drops The BTC mining sector is experiencing a downturn. The difficulty percentage of mining Bitcoin dropped to about 7.32% on Tuesday. This occurrence isn’t far-fetched from the plummeting prices of digital tokens, which has also lessened miners’ gains. According to data from the BTC.com mining pool, the system made the most significant adjustment since July 2021, with block height at 766,080. The adjustment matched July 2021, when many miners backed out of the system. This motion resulted from China’s ban on digital currencies at the time. As per the BTC mining process, the computing power or hashrate upon mining defines the outcome of mining difficulty. This system is essential to stabilize the time required to achieve one block of Bitcoin. As the number of miners increases, so does the mining difficulty. In addition to the reduced mining difficulty, BTC miners are also seeing a steady increase in energy costs and electricity rates. These events also negatively impacted miners’ revenue in the last few months. Howbeit, miners are not the only victims of the stubborn plummeting price of Bitcoin. Recognized producers like Argo Blockchain (ARBK) and Core Scientific (CORZ) strive to survive bearish market liquidity pressures. Compute North, on the other hand, saw Chapter 11 bankruptcy as the only way out. The company witnessed a breakthrough after acquiring new and efficient equipment a few months back. At the time, they received new miners who drove several projects into success. Also, there was a notable increase in difficulty and hashrate between August and November 2021, when the last positive adjustment was made. Crypto Winter Becomes The Main Influence The company had hoped that the success would continue, only to be driven by the adverse wind of the 2022 crypto winter. This was the beginning of the downturn of the hashrate. Nevertheless, it displays higher values than those shown immediately after China’s breakoff from the crypto sector. Miners now seek to have a reduced price of electricity due to the steady plunging in profits. But, according to a Luxor analyst, Jaran Mellerud, miners still pay between $0.07 and $0.08/kWh for an average electricity price of $0.05/kWh. In the meantime, the price of BTC stands at $16,961. The token shows a 24-hour price change of -0.46%. Featured image from Pixabay, chart from TradingView.com

‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum to Be ‘Substantially Higher’ Despite FTX Collapse

'Wolf of Wall Street' Jordan Belfort Expects Bitcoin and Ethereum to Be 'Substantially Higher' Than Today Despite FTX CollapseJordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be “a lot higher” than they are now. Noting that the collapsed crypto exchange FTX is a scam, he stressed that its implosion “doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero.” The Wolf of […]

Bitcoin Consolidation At $17K Could Be A Calm Before The Storm

Bitcoin and crypto market twist has brought unexpected changes to almost all assets. Prices have been declining with little or no hope for a reversal. The FTX exchange fiasco intensified the performance as several losses have been recorded in the entire crypto space. Following the events, the price of Bitcoin dipped below its critical resistance level of $20K. Since then, the primary cryptocurrency has plummeted as the value slipped toward the $17K region. Related Reading: Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside Over the past 24 hours, BTC could not make any significant positive movement. Hence, the token has resolved to consolidate around the $17K level. But many doubts are brewing if a storm could follow this new calmness in the future. Bitcoin Calms Around $17K Bitcoin has failed to trigger enough volatility that could push the price higher. The cryptocurrency has stalled around the $17K level during some trading hours. As of yesterday, BTC managed to hit up to $17,424. But the surge couldn’t last long as the bears suddenly took over. According to data from Binance, the primary crypto dropped to an intraday low of $16,867. However, the coin is gradually climbing upward. At the press time, Bitcoin is trading at around $16,835, indicating a drop. It boasts a market cap of about $326.81 billion, and its dominance over the altcoin is at 38.33%. Over the years, several interpretations for prolonged periods of reduced volatility have been given. One such is that it stands as a precursor toward a massive surge. Hence, the speculation on Bitcoin’s current consolidation could represent the calm before the storm. Altcoins In Red Zone The crypto market has experienced an overall drop as prices keep dropping. With the strong presence of the bears, the altcoins have painted the market red. This declining trend has cut down the overall market cap more. At the time of writing, the cumulative market cap sits at $853.33 billion. It shows a drop of about 1.39% over the past 24 hours. The performance of the altcoin has not been impressive. Most recorded a decline between 2% and 6% over the last day. The worse performers over the past day are BTSE Token and GMX. While the former dipped by 8.3%, the latter plummeted by over 7.2 % within 24 hours. Other losers include ETH with a 3.41% drop, DOGE dipped by 6.47%, XRP by 2,57%, BNB by 2.38%, MATIC by 3.17%, ADA by 3.11%, and others. However, the market saw just a few exceptions to the southward move. The best performers are Axie Infinity’s AXS and Synthetix Network’s SNX. While AXS surged by 4.4%, SNX recorded an increase of 5.4% in the last 24 hours. Featured image from Pixabay, chart from TradingView.com

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized CloudsOn Wednesday, non-fungible token (NFT) supporters discovered that NFT metadata hosted on the platform FTX US points to broken metadata, and the links now point to FTX’s restructuring website. Specific collections that were minted on the Solana blockchain via the FTX US NFT platform do not show the NFT’s imagery and marketplace listings on the […]

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet

A Bitcoin on-chain metric still hasn’t formed the same condition as in the previous bottom, suggesting that the current low may not be in yet. Stablecoin Exchange Inflows (Top 10) Hasn’t Shown Any Spikes Recently As pointed out by an analyst in a CryptoQuant post, the top 10 stablecoin exchange inflows saw a rise during the July 2021 bottom. The “stablecoin exchange inflows (top 10)” is an indicator that measures the sum of the ten largest stablecoin transactions that are heading towards exchanges. The metric includes data of all types of stablecoins. Since the top ten transfers are usually from the whales, this indicator can tell us whether whales are active on exchanges or not. Usually, investors shift to stables when they want to escape the volatility associated with most other cryptos. Once these holders feel that the prices are right to re-enter these markets, they buy into other coins using their stablecoins, thus providing a buying pressure to them. When the value of the top 10 stablecoin exchange inflows is high, it means whales could be sending large amounts of stables to exchanges for buying other coins. Such a trend could therefore be bullish for the prices of cryptos like Bitcoin. Related Reading: Continued Upswing Of VIX Signals Doom For Bitcoin; But Friday Will Be Crucial Now, here is a chart that shows the trend in this on-chain indicator over the last few years: Looks like the value of the metric has been muted in recent days | Source: CryptoQuant As you can see in the above graph, the stablecoin inflows (top 10) to spot and derivative exchanges have been displayed separately, since spot platforms are what investors use for converting their coins. It seems like when the Bitcoin bottom formed back in July 2021 during the mini-bear period of the time, the spot exchange version of the metric sharply rose up. This implies that whales participated in some heavy buying during that time with their stablecoin reserves, paving way for a bullish reversal in BTC. Related Reading: Bitcoin Holders Show Rapid New Accumulation For First Time This Bear, Bottom Signal? In recent weeks, the top 10 stablecoin inflows to spot exchanges haven’t shown any significant movements, which means whales aren’t providing any significant buying pressure yet. If the past trend is anything to go by, this could be an indication that the current Bitcoin bottom still hasn’t formed. BTC Price At the time of writing, Bitcoin’s price floats around $16.8k, down 2% in the last week. Over the past month, the crypto has lost 18% in value. The below chart shows the recent trend in BTC: The value of the crypto seems to have declined during the last couple of days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

FTX’s Odd Relationship With Vertical Farming Firms — A Look at Exchange Boss Ryan Salame’s and Bahamian PM Philip Davis’ Trip to 80 Acres

After discovering that ten holding firms associated with FTX Digital and Alameda Research invested roughly $5.4 billion into nearly 500 firms and projects, people have been curious about a few specific investments. One specific investment made by FTX Ventures Ltd. was for $25 million into the Ohio-based firm 80 Acres, a company that specializes in […]

Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform

Alameda-Funded Ren Tells Users to 'Bridge Back to Native Chains' as It Sunsets 1.0 PlatformAccording to the team behind the open protocol Ren, developers are winding down the Ren 1.0 network following the FTX and Alameda Research collapse. Last year, under previous Ren leadership, Alameda acquired Ren and was funding development every quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.0 compatibility “cannot be guaranteed” and […]

Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC

Any Bitcoin price prediction is just a guess without a basis to make the forecast. The stock-to-flow model that was once the most cited reason for expectations of higher prices has failed, leaving technical analysis, on-chain signals, and statistics as the best chance of finding future price targets. Elliott Wave Theory is a technical analysis forecasting methodology discovered in the 1930s, which is based on identifying extremes in investor psychology combined with distinctive price behavior. With Bitcoin and other cryptocurrencies being so susceptible to the ebb and flow of investor sentiment, here is what Elliott Wave Theory suggests about what is to come for Bitcoin price. A Brief History Of BTC Price Action The Bitcoin price index chart begins in late 2010, with the first-ever cryptocurrency trading at only pennies on the dollar. By the end of 2011, the price per BTC grew by more than 60,000%. Before the year came to a close, it has lost 94% of its value. From the low of approximately $2, another bullish impulse added yet another 60,000% ROI by the 2013 peak. Yet another steep corrective phase followed, cutting the cryptocurrency down by 86%. What followed was arguably the most talked about bull run since the dot com bubble, when in 2017 Bitcoin reached nearly $20,000 per coin. By now, we can see that extreme price swings and pivots in investors sentiment lead to boom and bust cycles across crypto. Bitcoin once again found a bottom at $3,000 in 2018, which will be the basis of the remainder of the analysis. The first wave ever and the history of Bitcoin price | Source: BTCUSD on TradingView.com An Introduction To Elliott Wave Theory First discovered by Ralph Nelson Elliott in the 1930s, Elliott Wave Theory is a basis for explaining how markets grow over time. The motive wave in EWT is an example of markets moving three steps forward, and two steps back. These steps alternate back and forth between growth and corrective phases. Motive waves consist of five waves in total – with odd numbered waves moving in the direction of the primary trend, and even numbered waves moving against it. Related Reading: Bitcoin At $1,000: Looking Back At Nine Years Of Bull Run Although corrective phases do result in a drastic decline in value, incremental growth always remains in the primary trend direction. Waves, both impulsive and corrective both appear in varying degrees and timescales. For example, a five-wave impulse on the daily timeframe could only be a tiny portion of a multi-century Grand Supercycle. Figuring out where Bitcoin is along in its various wave cycles and degrees can help to predict future price action. Bitcoin price prediction scenarios based on possible wave counts | Source: BTCUSD on TradingView.com Reviewing The Current Market Cycle, According To EWT Each wave in an impulse has unique characteristics which can help an analysis decipher where an asset is in an overall motive wave. Following the 2018 bear market bottom, crypto had a clean slate to move up from. In 2019, Bitcoin rallied to $13,800, showing the market there was still life in the speculative asset. Nearly the entire rally retraced, which is a common characteristic of a wave 2 correction. Corrections tend to alternate between sharp and flat-style corrections. Sharp corrections are represented by zig-zags. Wave 2 behaved like a zig-zag and there is no denying that the March 2020 Black Thursday collapse was a sharp correction. Wave 3 in Elliott Wave is typically the longest and strongest wave, marked by much wider participation than wave 1. The crowd begins piling at this point. Bitcoin gained national media attention as it reached new all-times during this wave. From there, things get more confusing. Elliott Wave practitioners are divided among if BTCUSD completed its wave 4 and wave 5 phases already, or if wave 4 is still in progress and wave 5 is yet to come. Using these two scenarios, some targets can be considered. Things could get extremely bearish for Bitcoin if the cycle has ended | Source: BTCUSD on TradingView.com The Bearish And Bullish Scenarios And Targets In the bearish scenario, a truncated wave 5 ended the Bitcoin bull run and sent the crypto market into its first true bear phase, with wave 5 of V finished and done, ending the primary cycle (pictured above). Completed bull markets often retrace back into wave 3/4 territory when the motive wave is completed. Bearish price targets put the negative Bitcoin price prediction from anywhere between $9,000 to as low as $2,000 in a complete collapse of the market. A larger catastrophe in the stock market and housing could ultimately do the trick by pulling whatever capital that’s left out of crypto. Related Reading: Bitcoin Fundamental Expert Breaks Down Why The Bottom Is In The bullish scenario is much more positive, and better fits with what Elliott Wave Theory calls “the right look” and proper counting. In the bullish scenario, Bitcoin is in the final stages of an expanded flat correction, and once the sentiment and price extremes are finished, the top cryptocurrency will be fast off to setting another bullish price extreme and sentiment switch, much faster than anyone is prepared for. BTC appears to be in the final stages of an expanded flat wave 4 correction | Source: BTCUSD on TradingView.com Using EWT To Make A Bitcoin Price Prediction The magic behind Elliott Wave Theory and why it influences growth in financial markets is due to its relationships with Fibonacci numbers. Fibonacci numbers are based on the Fibonacci sequence, which is related to the golden ratio. The Fibonacci sequence reads 0, 1, 1, 2, 3, 5, 8, 13, 21 and so on. In Elliott Wave Theory, there are 21 corrective patterns ranging from simple to complex. A motive wave is 5 waves up, while corrective waves are 3 waves down, creating a total of 8 when added them up. A full realized impulse wave with all sub-waves is 21 waves up, while corrective phases are up to 13 waves down. Every Fibonacci number from the sequence is included in some capacity. Corrections also stop at Fibonacci retracement levels, and impulses reach Fibonacci extensions as price targets. Wave 5 is usually equal to wave 1 or wave 3 in terms of magnitude. If wave 5 is extended, and it often is in crypto, wave 5’s target could fall somewhere between 1.618 of wave 3, or 1.618 of the sum of wave 1 and wave 3. Bitcoin price reached the 3.618 extension from the bear market bottom, making it possible that the top cryptocurrency overshoots once again. On the lowest end, a 1.618 price target would put the peak of BTC for this cycle somewhere close to $96,000 per coin, while another 3.618 extension could take the top cryptocurrency all the way to $194,000 per BTC. This makes the Bitcoin price prediction using EWT anywhere between $100K to $200K before the cycle is over. You can watch this Bitcoin price prediction unfold in real-time by bookmarking the idea on TradingView. A possible Bitcoin price prediction based on Fibonacci extensions | Source: BTCUSD on TradingView.com There are only a few days left to take advantage of @elliottwaveintl's “The 12 Days of Elliott” 🎁Take a peek & sign-up here: https://t.co/IuPkJZ5IM7 Watch your inbox for a new resource each day. Everyone gets access to the free resources till Dec. 16. Happy Holidays! pic.twitter.com/DCqrdtNfDp — Tony "The Bull" Spilotro (@tonyspilotroBTC) December 8, 2022 Featured image from iStockPhoto, Charts from TradingView.com