Bitcoin Price Prediction – Is BTC About To Rise 20%?
Bitcoin price prediction remains neutral to slightly bullish, as technical indicators indicate investor indecision. The BTC/USD pair is trading in a narrow range of $19,210 to $19,000.
The cryptocurrency market is devoid of volatility and investors seem to be waiting for a solid fundamental to trigger breakouts.
Let’s start with the news highlights and then I’ll go through the technical outlook to determine price prediction.
War-driven crypto activity in Russia and Ukraine
As the conflict between Russia and Ukraine worsens, so does the volume and intensity of cryptocurrency activity.
New York-based blockchain analytics firm Chainalysis released a report on the rapidly growing use of crypto, the vast majority of which is illegal in origin, in Eastern Europe as a preview of its upcoming Geography of Cryptocurrency Report 2022.
Citizens of both countries began to engage in significantly more activity shortly after Russia’s invasion of Ukraine in February. Economic conditions worsened during the height of the conflict, resulting in suffocating price increases.
Chainalysis found that people in Russia who suffered from the economic sanctions imposed by many countries as a form of criticism for the invasion were more likely to hold stablecoins than any other type of digital asset.
According to the research organization, Russia’s volume of stablecoin transactions rose from 42% in January to 67% in March. Overall, crypto activity in the country has increased since then.
Elliptic, a blockchain analytics business, found that the country received $63 million in Bitcoin and other cryptocurrency donations in the two weeks following the invasion. According to a story published by the Financial Times in 2022, cryptographic aid to Ukraine has already surpassed $100 million.
To cut a long story short, there has recently been an increase in the use of Bitcoin and altcoins, which is likely to have a positive impact on the Bitcoin price.
Stronger US dollar keeps BTC lower
One of the reasons behind a slowdown in Bitcoin’s upward movement could be associated with a stronger US dollar. A day before, that University of Michigan reported consumer sentiment numbers that showed a significant improvement. Consumer sentiment rose in October 2022 to 59.8, the highest level in six months, from 58.6 the month before and higher than market forecasts of 59.
Additionally, after an upwardly revised 0.4% increase in August, the Commerce Department reported on Friday that sales were flat in September. A correction was made to the sales figure for August, which revised growth to 0.7%.
Despite the data being flat, the market is looking at it positively and it will encourage the Federal Reserve to raise interest rates by 0.75 percentage points at its policy meeting in November.
Bitcoin Price Prediction – Is BTC About To Rise 20%?
The current Bitcoin price is $19,168, and the 24-hour trading volume is $28 billion. Bitcoin has fallen over 2% in the last 24 hours. CoinMarketCap now ranks first, with a live market cap of $367 billion.
Bitcoin has found immediate support near $19,135 and has also crossed below the 50-day moving average, indicating a bearish trend. A break below $19,135 could see BTC fall to previous triple bottom support near $18,709, while another break could see BTC fall to $18,246.
On the upside, resistance remains near $19,958. If the price breaks below $19,135, investors will likely consider selling. A bullish breakout of $19,960 and $20,458 on the other hand has the potential to drive a price uptrend of up to 20%.
New crypto pre-sale
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