In our Asian session Bitcoin price prediction, we predicted that the price of Bitcoin would fall to $17,440, which is a 61.8% Fibonacci retracement, before rebounding.
This prediction is based on the fact that Bitcoin is currently trading near $17,500 and that closing candles above this level could lead to a bullish bounce. We believe that the recent aggressive decisions by the Federal Open Market Committee and the Federal Reserve to raise interest rates may be contributing to the bearish overall trend in Bitcoin.
The Federal Reserve raised interest rates again on Wednesday by 50 basis points, soothing fears of a large rate hike that some expected.
It remains to be seen whether a recession will occur, but Tuesday’s inflation data, and Wednesday’s smaller rate hike is being seen by some as an indication that inflation is waning.
ECB follows the Fed and raises rates to 2.50%
In addition to Federal Reserve, the European Central Bank (ECB) decided to raise its main rate by half a percentage point, from 1.5% to 2%, at its meeting on Thursday.
Also, starting in March 2023, the ECB plans to lower its balance sheet by an average of €15 billion ($16 billion) every month through the end of the second quarter of 2023.
Cryptocurrency markets remain gloomy due to the FOMC’s hawkish stance, but some positive developments could boost prices.
Hong Kong Exchange Launches Bitcoin and Ether Futures ETFs Tomorrow
This coming Friday (December 16), the Hong Kong stock market will reportedly welcome the debut of two exchange-traded funds (ETFs) that track Bitcoin futures contracts listed in the United States. These products will be Asia’s first exchange-traded fund (ETF) to hold Bitcoin and Ether as underlying assets.
One report from Reuters states that the ETFs will mirror the performance of futures traded on the Chicago Mercantile Exchange.
Bitcoin’s current price is $17,474, and the 24-hour trading volume is $25 billion. The BTC price has plunged over 3% since yesterday. Bitcoin is trading negatively, despite having broken past a crucial resistance level of roughly $18,150. However, Bitcoin plummeted below the $18,000 level following the announcement of the Fed and ECB rate hikes. This suggests that the selling trend may continue.
Leading technical indicators, such as the relative strength index (RSI) and the moving average convergence divergence (MACD), are currently positive, signaling that the price of Bitcoin may rise after completing the Fibonacci retracement at $17,440.
Bitcoin’s next big resistance level is at $18,125; a break over this level might lead to additional gains toward $18,600.
On the downside, the price of Bitcoin may find support at $17,440. This level has previously functioned as a barrier, and it is likely to keep BTC’s bullish trend intact.
On the other hand, a bearish crossover below this area might result in a decline in BTC price below $16,850.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
One of the newest projects and presales in the market, FightOut (FGHT) is a move-to-earn fitness app that combines real-life workouts with Web3 and the metaverse. Building on the foundations laid by earlier M2E platforms such as STEPN, it tracks and rewards not only steps taken, but all manner of workouts, as well as actions taken to lead a healthier lifestyle.
Launched only this week, its presale has already raised over $1.7 million, with $1 currently buying investors 60.06 FGHT tokens.
Visit FightOut Now
Dash 2 Trade (D2T) – Final stage of presale
The project said today that once the token sale reaches the $10 million mark, a countdown to its maiden listing on a controlled market would begin. If the $10 million goal is met before the stage 4 presale ends, Dash 2 Trade will launch DASH on CEX at the end of the presale.
Trevor Main, community manager for Dash 2 Trade, will hold an AMA (ask me anything) on the Coinsniper Telegram on Thursday, December 15 at 17:00 UTC.
Visit Dash 2 Trade Now
Another Ethereum-based platform, RobotEra (TARO), is a Sandbox-style Metaverse that will allow players to play as robots and contribute to the building of its virtual world. This covers the development of NFT-based land, buildings, and other in-game assets, as well as the game’s objective of connecting players to other metaverses and creating an interoperable multiverse.
1 TARO is presently being offered for 0.020 USDT (it may be acquired with USDT or ETH), however, this price will increase to $0.025 in the second stage of its presale. It has already collected around $553,000.
Visit RobotEra Now
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