Bitcoin Price Prediction As BTC Completes 61.8% Fibonacci Retracement
On Friday, the Asian session saw more selling in the cryptocurrency market as the US Federal Reserve and the European Central Bank raised interest rates. Despite the BTC selloff, the Bitcoin price prediction remains bullish as long as it remains above the $17,000 support zone.
The value of the global crypto market fell 1.18% to $850.21 billion the day before, as major cryptocurrencies fell early on December 16. In the last 24 hours, the total crypto market volume fell 26.85% to $33.96 billion.
The entire volume in DeFi is currently $1.79 billion, accounting for 5.26% of the total 24-hour volume in the crypto market. The total volume of all stablecoins is now $31.45 billion, accounting for 99.60% of the total 24-hour volume of the crypto market.
Let’s take a look at the fundamental side of the market.
Trump Sells Superhero NFTs After Calling Bitcoin a ‘Scam’
After being banned from Twitter last year, Donald Trump turned to a new network called Truth Social, where he teased a “big surprise” earlier this week. A number of people have theorized that Trump will reveal his vice presidential pick for the 2024 race.
Some of Trump’s most ardent supporters were let down by the revelation that there will soon be a Trump-themed NFT gathering. On Thursday, he announced, “My official Donald Trump Digital Trading Card collection is here!”
Despite Trump never referring to “NFT” in the article, that’s exactly what “digital trading cards” are:
There will be 45,000 NFTs on the Polygon blockchain and they will cost $99 each.
All 45,000 NFTs were bought in just 12 hours, according to statistics from OpenSea, despite receiving widespread ridicule from Trump supporters and opponents alike. This amounts to $4.45 million if each donation was $99.
Additionally, the designers receive 10% of any revenue from sales made through third-party marketplaces such as OpenSea. Traders on OpenSea have given over $406,000 (320 Ether) so far by buying and trading NFTs.
Bitcoin price
The current price of Bitcoin is $17,469, and the 24-hour trading volume is $25 billion. Since yesterday, the price of Bitcoin has fallen by more than 1%. Despite breaking through a critical resistance level around $18,150, Bitcoin is trading negative.
Leading technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), are currently bullish, indicating that Bitcoin’s price may rise after completing the 61.8% Fibonacci retracement to $17,440.
The next major resistance level for Bitcoin is around $18,125; a break above this level could lead to further gains towards $18,600. On the downside, the price of Bitcoin could find support at $17,440.
This level has previously acted as a barrier, and it is likely to maintain BTC’s bullish trend. A bearish crossover below this region, on the other hand, could result in a drop in BTC price below $16,850.
Altcoins with great upside potential
Cryptocurrencies have been trading sideways for a few weeks, prompting some traders to consider alternatives with greater short-term promise. The following are some of the market leading pre-sales, which allow investors to get in on the ground floor.
Fight Out (FGHT)
One of the market’s newest initiatives and pre-sales, FightOut (FGHT) is a monetization training software that mixes real-life workouts with Web3 and metaverse.
It tracks and rewards not only steps taken, but all kinds of workouts, as well as actions taken to lead a better lifestyle, building on the foundation established by previous M2E platforms such as STEPN.
Only recently launched, the presale has already raised over $2 million, with $1 currently buying 60.06 FGHT tokens.
Visit FightOut Now
Dash 2 Trade (D2T) – Final phase of pre-sale
The project said today that once the token auction exceeds $10 million, a countdown to its first public listing on a controlled market will begin. If the $10 million goal is reached before the completion of the Phase 4 presale, Dash 2 Trade will launch DASH on CEX at the end of the presale.
Visit Dash 2 Shop Now
RobotEra (TARO)
RobotEra (TARO), another Ethereum-based platform, is a Sandbox-style Metaverse that will allow players to play as robots and help create their virtual world. This includes the creation of NFT-based lands, buildings, and other in-game assets, as well as the game’s goal of connecting players to other metaverses and establishing an interoperable multiverse.
1 TARO is currently available for 0.020 USDT (it can be bought with USDT or ETH), but this price will rise to $0.025 in the second phase of the presale. It has already raised nearly $568,000.
Visit RobotEra now
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