Bitcoin Price Prediction 2022 – Is BTC Preparing for a 30% Move?
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During the European session, Bitcoin is trading bullish, having bounced off above $18,900 to trade at $19,300. According to data compiled by cryptocurrency research firm Santiment, the number of whales holding Bitcoin is rising.
At the same time, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone reports that the BTChash rate discount is at a record low not seen since the second quarter of 2020.
BTC Addresses Holding Over 10,000 BTC Reach 20-Month High
The recent research from cryptocurrency research firm Santiment could be one of the reasons for BTC’s price action. According to Santiment, the number of Bitcoin whale accounts holding between 10,000 and 100,000 BTC ($190,000,000 and $1,900,000,000) has hit its highest level since February 2021.
Moreover, the number of addresses carrying between 10 and 100 BTC ($190,000 and $1,900,000).
🐳🦈 The number of #Bitcoin addresses holding 10,000 to 100,000 $BTC & addresses holding 10 to 100 $BTC have reached their highest amount of respective addresses since Feb, 2021. As the number of addresses on a network rise, utility should follow suit. https://t.co/mSMnSOVf6L pic.twitter.com/iKA2BwwTyc
— Santiment (@santimentfeed) October 18, 2022
According to the analytics firm, the percentage of Bitcoin addresses with holdings of between 0.1 and 10 BTC has risen to an all-time high of 15.9%. Contrarily, the percentage of Bitcoin’s supply held by those with holdings of 100 to 10,000 BTC is at its lowest point since June 2019 at 45.6%.
Stablecoin market caps are at their lowest level since last December, according to Santiment.
Bitcoin Hashrate Discount Highest Since Q2 2020
Although Bitcoin’s price has been tossing in a narrow trading range over the previous few weeks, the cryptocurrency’s hashrate has not. It has been rising for some time now and consistently sets new records.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, says that the BTC hashrate discount is at a record low that hasn’t been seen since the second quarter of 2020.
Bitcoin Primer: Rising Demand, Adoption, Regulation –#Bitcoin may be entering an inexorable phase of its migration into the mainstream, and at a relatively discounted price. FASBA's recent decision that companies should use fair-value accounting for measuring crypto assets pic.twitter.com/zejOCcTwXQ
— Mike McGlone (@mikemcglone11) October 19, 2022
Bitcoin’s price has been stable at around $19,000 for the past 24 hours. When we take a step back, we see that Bitcoin’s price has been stuck in a narrow band between $18,000 and $24,000 over the previous few months.
Nonetheless, Mike McGlone claims that cryptocurrencies:
“may be entering an unstoppable phase of their migration into the mainstream, and at a reasonably discounted price.”
The rising hash rate of Bitcoin may be indicative of the cryptocurrency’s rising popularity, market share, and value. Thus, increased hashrate can underpin BTC.
Bitcoin Price Prediction 2022 – Is BTC Preparing for a 30% Move?
Bitcoin, the leading cryptocurrency, has surged to the $19,217 level, with a 24-hour trading volume of $22 billion. The value of Bitcoin has jumped by less than 1% in the last 24 hours.
The BTC/USD pair has bounced off the support area of $18,950. On the upside, Bitcoin may find it difficult to break past the $19,300 resistance level and turn it into a support level.
If BTC fails to break through this level, it will probably plummet in price. As a result, keep a watch on $19,300; above this level, buying is possible until $19,500 or $19,940.
The RSI and MACD are shifting, moving from the sell zone to the buy zone. It’s confirming investors’ bullish sentiment. However, the 50-day moving average may act as a major hurdle near $19,310.
If Bitcoin falls below $19,250, it may revert to its prior triple-bottom support level near $18,900. A second breach may push Bitcoin up to $18,700. On the upside, resistance remains near $19,450.
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Kicking off yesterday, the Dash 2 Trade presale has quickly passed important milestones, crossing $300,000 within only a few hours. Now, it’s up to more than $400,000, and likely to pass a few more important targets in the coming hours.
2022 has been marked by presales. For example, Tamadoge (TAMA) raised $19 million in its presale before witnessing a 1,800% gain (relative to its presale price) at one point after it was listed on OKX.
While it’s difficult to predict the future, D2T looks to have a very bright future given its strong fundamentals.
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