Bitcoin Price Prediction 2022 – When Will BTC Pump to $1 Million?
During the European session, Bitcoin remained rangebound between $19,000 to $19,400 as traders wait on the sidelines for greater clarity on the macro environment.
Bitcoin is the most valuable cryptocurrency, and its movements have a knock-on effect on the market. Although Bitcoin is trading in a bearish manner, the $19,000 support level keeps losses limited.
Bitcoin Named “First Decentralized Cryptocurrency” by Guinness
Since 1955, the yearly Guinness World Records (GWR) reference book has documented the greatest natural and human-made achievements and events around the globe. This year, GWR expanded its yearly records to include Bitcoin, the first and most valuable cryptocurrency network.
Bitcoin, Satoshi Nakamoto’s cryptocurrency and blockchain network, has been widely praised and recognized by both online and offline media outlets.
🚀 The Latest edition of Guinness World Records features #Bitcoin and various other events from the crypto industry under “Cryptomania” category. pic.twitter.com/TbuSRmTl6n
— traderX (@PASPtraders) October 19, 2022
For example, the word “Bitcoin” first appeared in Scrabble in 2018, and the following year it was admitted to the Merriam-Webster Unabridged Dictionary. Because of Bitcoin’s status as the “first decentralized cryptocurrency,” Guinness World Records (GWR) recognized it this year.
Can Bitcoin Downtrend Continue?
Peter Schiff, an outspoken critic of Bitcoin and the cryptocurrency market as a whole, now believes that recent developments portend yet another drop in Bitcoin’s value soon.
Schiff aimed a tweet at Bitcoin holders, saying the cryptocurrency had failed to keep up with the recent stock market rally and was only slightly above $19K at the time of writing.
Just in case HODLers aren't paying attention #Bitcoin hasn't participated in the recent rally and is barely above $19K. If Bitcoin can't rise with other risk assets, imagine how much it will fall when risk assets resume their decline. In fact, Bitcoin may lead the next leg down.
— Peter Schiff (@PeterSchiff) October 18, 2022
Furthermore, Schiff speculates that Bitcoin could be the catalyst for the next market decline. The Nasdaq, S&P 500, and other major stock indices all saw advances for a second consecutive day.
However, the price of cryptocurrencies acted as a counterweight to the movements of stock markets. Bitcoin’s value has been declining, staying at roughly $19K until Wednesday’s trading session.
https://www.twitter.com/Terse_tech/status/1582473068282118144?s=20&t=RM3bY-rJQHdrQCTEgwF7SgWhile Bitcoin’s correlation with equities has dropped since hitting an all-time high last month, it is still largely impacted by macro variables.
Outflow to Support BTC Price
Over 1.3 million addresses acquired over 680,000 BTC, the most substantial support for the leading cryptocurrency, signaling a consolidation around the $19K mark. According to IntoTheBlock data, another significant level may be found at $19,200, where almost 2.5 million addresses purchased nearly 1.5 million BTC.
Do y’all still watch #bitcoin outflows? If so, we are seeing a pretty comparatively big one recently. https://t.co/RdEHFvbETT
— Christopher Inks (Trader/Market Psychology Coach) (@TXWestCapital) October 18, 2022
On Tuesday, over 48,000 Bitcoin were transferred out of Coinbase Pro, according to data aggregator CryptoQuant. After a big breakdown in June of this year, Bitcoin exchanges experienced the highest outflow in history.
The removal of cryptocurrencies from exchanges by investors is a clear sign that they are moving away from a selling mindset and toward an accumulation one.
BTC to hit $79k by 2025: Finder Report
Finder calculates how accurately experts predicted Bitcoin’s future price using two surveys. Finder polls five fintech experts each week to see if they are bullish, bearish, or neutral on Bitcoin for the next two weeks.
As part of a wider quarterly study, they asked 55 industry experts their predictions for Bitcoin’s performance over the next decade in late September/early October.
According to the Finder forecasts, Bitcoin’s price will climb from its current level to $79,193 by 2025 to $270,722 in 2030, reflecting a more than 1300% rise.
Bitcoin Price Prediction 2022 – When Will BTC Pump to $1 Million?
Bitcoin, the leading cryptocurrency, has dropped to the $19,180 level, with a 24-hour trading volume of $28 billion. The value of Bitcoin has fallen by over 2% in the last 24 hours.
Remembering the Asian session’s Bitcoin price prediction, the BTC/USD has already breached the $19,440 support level and is now descending toward the next support level of $18,900.
On the 4-hour chart, Bitcoin appears to have broken out of the symmetrical triangle pattern that had been supporting the coin near $19,200. A 4-hour candle closing below this level may trigger another round of selling until $18,900 or $18,700.
The 50-day moving average is also supporting the downtrend, while resistance at $19,200 is being extended. Finally, the MACD has begun to close below zero, and the RSI is at 42. Because both indicators indicate a selling bias, investors are likely to keep an eye on $19,200 to enter sell trades today.
If investor estimates are anything to go by, then Bitcoin may reach $100,000 in the next few years and perhaps even $1 million if the momentum continues in the years that follow.
Alternative Coin – IMPT Presale Gaining Traction
For those looking for faster returns, a number of smaller altcoins have been outperforming the market in recent weeks, with presale tokens proving especially profitable. IMPT, a decentralized carbon credits marketplace that began selling just over a week ago, is one promising new coin in this space.
It is based on the Ethereum blockchain and allows users to trade NFT-based carbon offsets. It will also allow consumers to shop online with retailers who support green initiatives.
It has the fundamentals to perform well at a time when ESG investing is becoming popular.
Presale performance has been impressive, with the IMPT coin raising $5.9 million from ESG-conscious investors in less than three weeks since its presale began.
The IMPT tokens are currently selling for $0.018 in the first stage of the presale. Notably, the price will rise to $0.023 in the next stage and then to $0.028.
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