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Bitcoin Price and Ethereum Prediction; After 75% Drop From High, BTC Bears Exhausted

Arslan Butt
Last updated: | 4 min read

During the Asian session on December 23, Bitcoin price prediction remains neutral below $17,000, as the market appears to have low volatility and trading volume ahead of the Christmas holidays. Benjamin Cowen, a well-known cryptocurrency expert, recently stated that the bears are growing tired as Bitcoin’s (BTC) price has plunged more than 75% from its all-time high above $69,000 observed last year. 

On December 23, major cryptocurrencies traded mixed after the global crypto market cap remained practically steady at $810.53 billion over the previous day. Over the last 24 hours, the entire crypto market volume increased 12.46% to $28.94 billion. 

The overall volume in DeFi was $1.63 billion, accounting for 5.64% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $26.33 billion, accounting for 90.97% of the total 24-hour volume of the crypto market. 

Similarly, Ethereum has also remained mostly unchanged at $1,220. 

After a 75% Drop From the High, BTC Bears Exhausted

Benjamin Cowen, a well-known expert on cryptocurrencies, recently said that the bears are tired of Bitcoin’s price falling over 75% from its all-time high of over $69,000 last year. Cowen’s latest video, just released on a video-sharing site owned by Google, shows that the BTC bears have been losing ground as the price goes down. It looks at Bitcoin’s supply and profit and loss ratio.

To paraphrase Cowen, “as we sink deeper and deeper into the bear market,” as reported by the Daily Hodl, BTC bears are losing steam with each new leg down. The analyst elaborated, saying, “Finally, the bulls sort of neutralized the bears.”

He predicted that once Bitcoin bulls start to take control of the market, a “long accumulation period” will begin, with the price of Bitcoin gradually rising in preparation for a new bullish cycle. Despite the unprecedented difficulties seen by the sector, he claims that the current bear market in BTC is eerily similar to those of the past.

Bitcoin Price 

The current price of a bitcoin is $16,838, and the volume of trades in the last 24 hours is $16 billion. CoinMarketCap is ranked first with a live market cap of $323 billion.

Bitcoin Price Chart – Source: Tradingview

If the BTC/USD pair breaks above $17,000, it will almost certainly continue to rise toward the $17,500 barrier level.

If Bitcoin prices go below $16,500, the next level of support is at $16,320.

Bitcoin Price Chart – Source: Tradingview

The 50-day moving average continues to exert pressure on Bitcoin, although the RSI and MACD are both in a positive buying zone. Today’s price of $17,000 is likely to be a watershed moment for Bitcoin, so keep an eye on it.

Ethereum Price 

Ethereum’s current price is $1,222, with a $5.5 billion 24-hour trading volume. In the last 24 hours, Ethereum has gained nearly 0.50%, and CoinMarketCap currently ranks second, with a live market cap of $149 billion.

Ethereum Price & Tokenomics – Source: coinmarketcap

On the 4-hour chart, Ethereum has been struggling below $1,220, and the closing doji and bearish engulfing candle imply a likely bearish reversal.

Short-term supports for Ethereum are between $1,180 and $1,150.

Ethereum Price Chart – Source: Tradingview

If the $1,180 support level is breached, the bearish trend might extend all the way to $1,150. If the price of Ethereum rises above $1,220, the bullish trend could continue until the price of Ethereum rises above $1,270.

Alternative Coins with High Returns

Despite the slowdown in the cryptocurrency market as a whole, only a few coins are making news.

FightOut (FGHT) – Presale Launches

FightOut, an M2E fitness app and gym chain that intends to introduce the fitness lifestyle to web3, has captured the attention of investors who believe the business has the ability to disrupt the existing web3 M2E environment with the introduction of its presale. 

FightOut takes a more comprehensive approach to tracking and compensating users for fitness and activity than other M2E apps, such as StepN, which merely counts steps and requires pricey non-fungible token (NFT) buy-ins to join. 

The FGHT token powers the FightOut decentralized network. Investors are encouraged to act soon in order to obtain their FGHT tokens at the current price of 60.06 USDT per 1 USDT, as the presale raised over $2.3 million in just a few days.

Visit FightOut Now

Dash 2 Trade (D2T) – Final Stage of PreSale

Dash 2 Trade, in my opinion, is the most promising cryptocurrency trading platform available today. The revolutionary analytics and social trading platform has the potential to change the cryptocurrency trading business forever.

A presale token scoring system, a token listing alert system, a strategy back-testing tool, and social sentiment and on-chain indicators for trading are among the features. In order to access Dash 2 Trade’s services, users must first acquire and possess D2T tokens. 

The Dash 2 Trade token presale has now topped $10.5 million in sales at considerably lowered rates. The token sale has begun, and you can purchase them for $0.0533 apiece on numerous centralized exchanges throughout the next 30 days.

Visit Dash 2 Trade here

Calvaria (RIA) – Final Presale Stage Now

Play-to-earn cryptocurrency card warfare game The possibility of RIA exists. Calvaria’s goal is to broaden the audience for cryptocurrencies by connecting the real world and cryptocurrencies through an entertaining and easy-to-learn crypto game. 

Calvaria’s RIA token pre-sale may be of interest to investors. Calvaria’s fundraising campaign is coming to an end, with $2.5 million received and only 18% of tokens remaining.

Visit Calvaria Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews