Bitcoin Price Prediction As BTC Jumps 6% From Recent Lows – Incoming Big Move?
As of Sunday, November 20, the total cryptocurrency market capitalization is $821 billion, down 1.93% from yesterday. DeFi coin market cap has decreased by 1.83%.
Bitcoin, the leading cryptocurrency, has remained largely unchanged, up 6% from a recent low of $15,828. Since Bitcoin has been trapped below $17,000 for several days, there has been no significant movement in the asset.
With such low trading volumes, this was to some extent to be expected. This has a domino effect on the altcoins, with Ethereum (ETH) in particular struggling to stay above $1,200.
Let’s take a look at the fundamental events affecting the cryptocurrency market today.
Shades of gray avoid proof-of-reserves, create fears of collapse
Grayscale’s impending collapse is of greater concern now that the Bitcoin fund has refused to release proof of reserves.
When asked why it could not publish the wallet on November 18, the investment firm used a Twitter thread to blame security concerns for the uproar. As Grayscale and Genesis are both owned by Digital Currency Group, skepticism about the company’s financial stability has increased.
The crypto world wondered how this could affect Grayscale and its key product GBTC. Reports that Genesis was unable to raise $1 billion before halting withdrawals also fueled the flames.
On its Twitter thread, Grayscale claims to create a separate company for each product. It argued that sales of the underlying assets could not take place due to regulations surrounding its digital asset offering. It was also mentioned that Coinbase Custody Trust Company is the custodian.
Neither Grayscale nor its parent company owns the Bitcoins used to back the GBTC product.
Grayscale’s Twitter thread further mentioned:
“Due to security concerns, we do not make such wallet information and confirmation information publicly available through a cryptographic reservation certificate or other advanced cryptographic accounting technique.”
Exchanges such as Binance, Huobi and Crypto.com have issued Proof of Reserves in an attempt to gain community trust.
Therefore, Grayscale’s impending collapse keeps the crypto market’s uptrend limited.
Kraken Founder Jesse Powell Predicts Next ‘Big Event’
After the collapse of FTX, industry veteran Jesse Powell shares his thoughts on the current climate of the crypto sector and offers a forecast of what will pull the market out of the bear market.
As Powell explains in a new interview for the Bankless podcast, the sector will need time to recover from the FTX disaster due to the loss of billions of dollars and the need to rebuild its reputation.
The halving of Bitcoin (BTC), which is expected to happen in the first half of 2019, has been cited by the founder of Kraken as a potential next bullish driver for cryptocurrency markets.
Bitcoin price prediction
The current Bitcoin price is $16,553, and the 24-hour trading volume is $18 billion. Bitcoin has fallen by over 0.50% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $318 billion. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,212,587 BTC coins.
Bitcoin’s price is currently consolidating within a broad trading range, from $15,800 to $17,200. Since Bitcoin’s price has fallen below the 23.6% Fibonacci level of $17,250, the probability of a downtrend remains high until the next support area of $15,800.
On the downside, Bitcoin’s immediate support is at $14,530, and the price could fall as low as $13,850 if the bearish trend continues. Because the RSI and 50-day moving average indicate a bearish bias, Bitcoin’s price could fall below $15,830 if current support does not hold.
Today, however, the selling bias remains strong below $17,250. Increased BTC demand, on the other hand, could push the BTC/USD price above $18,250 and towards $20,000.
Top Crypto Coins on Presale
Given the recent downturn in the cryptocurrency market, you may be wondering which coins have good upside potential.
Let’s talk about the best crypto coins that are currently on presale and have high upside potential.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data to help them make more informed decisions.
It began its token sale three weeks ago and has raised over $6.6 million. It also announced the launch of its first CEX listing on LBank exchange.
1 D2T is currently worth 0.0513 USDT, but this is expected to rise to 0.0533 USD in the next sale phase and 0.0662 USD in the closing phase.
Visit Dash 2 Trade now
Calvary (RIA)
Calvaria is a brand new cryptocurrency gaming project with the potential to dominate the play-to-earn market.
According to Calvaria developers, one of the main barriers to widespread Web3 game adoption is that games require users to have technical knowledge of crypto. As a result, a large number of users are excluded.
Calvaria allows users who do not own cryptocurrency to participate in the game, setting it apart from the competition and opening the game to a whole new audience. RIA’s resale is gaining momentum, with the project already in Phase 4 of 10 and nearly $1.8 million in funding.
Currently, 1 RIA token costs $0.025 USD, but this will increase gradually with each successive stage of the pre-sale, which is currently in stage 4.
Visit the Calvaria Presale now
RobotEra (TARO)
Another project with the potential to change the gaming community and the virtual world is RobotEra (TARO). Although the property’s pre-sale has only recently started, there is already a lot of interest from potential buyers.
The platform’s native token is TARO, and it is a blockchain-based Metaverse where users can create avatars and explore a digital world. Players in RobotEra can buy land, build on it and expand their regions with various assets.
RobotEra also has a shared metaverse where users can participate in a variety of activities such as sports, concerts and other competitive events. The first phase of TARO’s pre-sale is now live, and it’s selling out fast.
Visit the RobotEra Presale now
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