Bitcoin Price Prediction as Crypto Prices Stabilize, Is $20,000 BTC on the Cards?

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Following the release of UK inflation figures, the price of Bitcoin remains below $17,000. which was higher than expected Most altcoins in the market have followed suit, as traders remain cautious. 

Bitcoin is currently trading at $16,740, down from $16,886 at the start of the day. BTC has ranged between $16,761 and $17,002 in the last 24 hours as a result of the recent Russia-Ukraine conflict.

Genesis Global Capital Pause Withdrawals

Following the demise of FTX, Genesis Global Trading’s lending division has temporarily ceased accepting cash withdrawals and new loan applications, according to Interim CEO Derar Islim, who informed clients on November 16. 

The division, known as Genesis Global Capital, serves institutional clients and had $2.8 billion in total active loans at the end of the third quarter of 2022, according to the company’s website. 

Genesis Trading, which acts as Genesis Global Capital’s broker, is run independently and funded by the loan entity, according to Islim. He went on to say that Genesis’ custody and trading services were still fully operational. 

Islim informed the participants that Genesis is investigating loan segment options, including locating a new source of liquidity. He went on to say that Genesis will explain its strategy to clients the following week. 

BTC/USD and other cryptocurrencies fell after Genesis Global Trading suspended customer withdrawals.

El Salvador’s President to Buy Bitcoin

El Salvador, the first country in the world to accept Bitcoin as legal currency in September 2021, has resumed BTC purchases after a brief pause due to the market’s bearish sentiment. El Salvador’s president, Nayib Bukele, declared on November 16 that the Central American country would begin buying Bitcoin on November 17.

 The announcement came roughly three months after the country’s final BTC acquisition in July 2022. El Salvador began purchasing Bitcoin after declaring it legal currency in September 2021. 

BTC was in a bull market at the time, making every investment the country made appear profitable because the price was setting new records every other week. 

However, by the second quarter of 2022, the bear market had taken hold, and El Salvador’s early BTC purchases appeared to be a risky bet that resulted in significant losses. 

El Salvador currently holds 2,381 BTC at an average purchase price of $43,357, according to public statistics. As a result, the country’s BTC purchase cost around $103.23 million, while the same BTC is now worth $39.4 million. Because of the severe crypto winter, El Salvador’s adoption of Bitcoin may appear bleak.

However, by simply holding onto its BTC purchase, the country may easily make up for its losses during the next bull cycle. Furthermore, as investors increase due to repurchasing, this news could benefit BTC/USD.

BTC and Stocks Correlation

The cryptocurrency industry is still reeling from the shock of FTX, one of the once-dominant cryptocurrency exchanges, declaring bankruptcy and stepping down as CEO. Another thing to be concerned about with Bitcoin is its association with stocks. 

When comparing the S&P 500 Index and Bitcoin’s activity, cryptocurrency trader and analyst Josh Rager observed on November 15, it is clear that the leading digital asset is mirroring the stock market’s downward trend. 

He went on to say that the stock market is currently Bitcoin’s greatest concern because equities are falling and Bitcoin is following suit. 

However, as good news about inflation emerged from the United States, the Bitcoin and cryptocurrency markets surged alongside stock markets. The modest improvement follows recent data from the November 15 PPI report, which showed a decrease in the cost of goods, excluding food and energy, giving US stocks a boost. BTC/USD followed stocks and gained some value following the announcement.

Bitcoin Price Prediction

At the time of writing, the price of  Bitcoin is $16,649, with a 24-hour trading volume of $34 billion. Bitcoin has dropped by around 1% in the last day and currently holds a market capitalization of $349 billion. 

1668735139 230 Bitcoin Price Prediction as Crypto Prices Stabilize Is 20000 BTC
Bitcoin Price & Tokenomics – Source: Tradingview

Bitcoin is consolidating in a broad trading range of $16,000 to $17,200, with a breakout determining future price action. In the 4-hour timeframe, Bitcoin completed a 38.2% Fibonacci retracement at the $18,100 level and has now fallen below the 23.6% Fibonacci level of $17,250.

On the downside, Bitcoin’s immediate support is at $17,250, and a continuation of the bearish trend could push the price as low as $15,850. Because the RSI and 50-day moving average indicate a bearish bias, the BTC price could fall to $15,850 if current support fails to hold.

1668735139 59 Bitcoin Price Prediction as Crypto Prices Stabilize Is 20000 BTC
Bitcoin Price Chart – Source: Tradingview

The MACD, on the other hand, is in a buying zone, but recent histograms are contracting, indicating a waning bullish bias. However, selling can be seen today below the $17,250 level.

Increased BTC demand, on the other hand, has the potential to break through the $17,250 resistance and push the BTC/USD price above $18,250, toward $20,000.

Compiled by Coinbold

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