Data Indicates BTC’s Price May Plunge To $12,200 But Upward Movement Is Possible
It is almost two weeks since the FTX crash took place, pulling the trading price of BTC lower. It ended up dragging Bitcoin down to as low as $15,600 but the largest crypto managed to rebound.
BTC is still below $17,622
Just when the trading price of Bitcoin was rebounding, FTX announced its bankruptcy, providing more fuel to the bearish market sentiments.
This forced the investors to withdraw from their bullish sentiments and even the BTC bulls were compelled to abandon the rally.
Such market sentiments have stopped Bitcoin from experiencing a surge as high as its potential. Even now, the trading price of Bitcoin is below the $17,622 benchmark, the breakdown level of BTC.
As mentioned previously, the trading price of BTC did start rebounding at a fast pace. But the high rally soon gave up as the negative sentiments grew more influence over the general crypto market.
Initially, high volatility was witnessed in the trading price of Bitcoin but later, Bitcoin found itself being stuck between two particular points.
The higher trading point for BTC at the moment is $17,190 and the lower trading point is $16,229. It seems that the volatility has completely ended for the digital asset.
Moving Averages are losing their Power
Due to the recent market downtrend, the moving averages of Bitcoin have also started to slide in the downward direction. The 20-day EMA for BTC at the moment is $17,980.
A look at the data shows that it is now sliding lower, alongside the RSI, which is also moving in the bearish territory. The bears are constantly gaining more control over the market and may not lose it for a while.
According to the analysts, if all the technical indicators and moving averages continue with their decline, then BTC’s price would plunge tremendously.
The predictions made by the analysts suggest that Bitcoin’s trading price may plummet to $16,229 and then fall deeper. As the selling spree grows fiercer, then the trading price of BTC may plummet to $15,588.
With the trading price of BTC experiencing a stronger downtrend, there are high possibilities that Bitcoin may plunge all the way down to $12,200.
Possibility of a Bullish Movement
Despite the strong bearish sentiments being realized throughout the crypto-verse, there are hopes of a strong bullish rally in favor of Bitcoin.
The hope comes from the billionaires and highly influential people who are supporting Bitcoin’s bullish movement in near future.
Elon Musk, the richest man in the world, Michael Saylor, the founder and CEO of MicroStrategy, and many more highly influential people are supporting Bitcoin.
As per them, Bitcoin will make it through the harsh times and is eyeing all-time highs in the year 2023.
Keeping in mind the role both Elon Musk and Michael Saylor have played in supporting cryptocurrencies, their opinions would not go unheard.