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Bitcoin Price Prediction as Bears Take Control – How Low Can BTC Go?

Arslan Butt
Last updated: | 6 min read

Bitcoin is trading bearishly on December 20, having breached a narrow range of $16,550 to $16,800 and falling to the 16,300 level. However, Bitcoin has returned to the same trading range as before. Investors are waiting for a solid fundamental reason to drive price action. Similarly, the overall cryptocurrency market is behaving sluggishly, possibly due to the upcoming holiday trading sessions.

Major altcoins traded in the red in early December 20 as the overall crypto market cap declined 1.45 percent to $800.17 billion over the prior day. Over the past 24 hours, the total volume of the cryptocurrency market has grown by 54.22% to $33.04 billion. 

The overall volume in DeFi is currently $1.80 billion, or 5.44% of the total 24-hour crypto market volume. The overall volume of all stablecoins is now $30.60 billion, accounting for 92.62% of the total 24-hour volume of the crypto market.

Nigeria Set to Legalize Bitcoin Usage

On December 18, a local Nigerian newspaper reported that Babangida Ibrahim, the chairman of Nigeria’s House of Representatives Committee on Capital Markets and Institutions, stated that the government will soon pass legislation making the use of bitcoin and cryptocurrencies legal. Ibrahim emphasized the importance of keeping Nigeria up to date on changes and developments in the capital markets.

According to reports, the Nigerian government will soon pass legislation recognizing the use of Bitcoin and other cryptocurrencies in order to comply with “global practices.”

According to the article, if the Investments and Securities Act 2007 (Amendment) Bill passed into law, the Securities and Exchange Commission would be able to recognize bitcoin and other digital assets as capital for investment. The proposed bill would also define the SEC’s and CBN’s regulatory responsibilities for digital currency.

Despite the present ban, Bitcoin has a significant presence in the nation, with the creation of a Bitcoin village, Nigerian Bitcoiners participating in a variety of development projects, charitable work by Bitcoin firms, and mining is a thriving industry there. The proposed changes would govern how bitcoin and other cryptocurrencies are used in Africa. As a result, the value of BTC/USD may rise.

Edward Snowden Wants Salary in BTC

In a recent tweet, the whistleblower from the American national intelligence agency, Edward Snowden, offered to lead Twitter. Snowden also tweeted on December 19 that he would accept bitcoin as payment. The tweet was in response to Elon Musk’s poll asking users if they thought he should step down as CEO of Twitter. He also stated that he would pay attention to the poll’s results. There are 16,098,545 votes in the poll, which will close in 1 hour. 

According to the most recent data, 56.8% of votes indicate that people want Musk to leave his position as CEO of Twitter. The poll received only 43.1% “no” votes. Musk may need to find a suitable replacement for Twitter’s CEO soon, as the vote is unlikely to go in his favor. Some experts believe the pole is just for show, and he has already chosen a new CEO. 

However, the coin may benefit from Edward Snowden’s offer to take over as CEO of Twitter in exchange for a salary in bitcoin. His statement demonstrates that there is some potential for BTC/USD, and it will significantly rise.

Binance FUD

Binance, the world’s largest exchange, is experiencing several difficulties. It entails a possible investigation into money laundering and a significant increase in user withdrawals. The main takeaway from an early-week survey of the crypto media is that Binance is very much in the spotlight as it deals with what CEO Changpeng Zhao called “FUD” (fear, uncertainty, and doubt).

In recent weeks, the media and people have reacted negatively to the largest cryptocurrency exchange in the world based on volume, despite its best efforts to show its reserves. Additionally, Bitcoin withdrawals increase as Binance bounces back from a media storm and the associated claims of questionable behavior. Binance FUD has also slowed the rise of BTC/USD.

Bitcoin Price 

Bitcoin’s current price is $16,702, and the 24-hour trading volume is $19 billion. The BTC/USD pair has gained nearly 0.20% in the last 24 hours, while CoinMarketCap currently ranks first with a live market cap of $321 billion.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Despite a bearish breakout of the $16,550 to $16,800 trading range, Bitcoin has reverted to the $16,700 trading range. For the time being, Bitcoin’s immediate resistance remains at $16,800, and candle closings below this level continue to indicate the possibility of a bearish trend. 

On the downside, Bitcoin’s immediate support is at $16,250 or $16,100, and a bearish breakout of this level could expose BTC to $15,650.

Bitcoin Price Chart – Source: Tradingview

The MACD and RSI indicators show a mixed bias, with the RSI still in the selling zone and the MACD showing a bullish crossover into the buying zone. Finally, the closing of candles below the 50-day simple moving average indicates the possibility of a downtrend continuation.

High-Profitability Alternative Coins

The global cryptocurrency market is bearish, but only a few coins are making headlines. Let’s explore them! 

FightOut (FGHT) – Presale Launches

FightOut, a new move-to-earn (M2E) fitness app and gym chain aiming to bring the fitness lifestyle to web3, has launched its presale, attracting the attention of investors who see the project as having the potential to revolutionize the current web3 M2E landscape.

While existing M2E apps such as StepN only measure steps and require expensive non-fungible token (NFT) buy-ins to join, FightOut takes a more comprehensive approach to tracking and compensating users for exercise and activity that does not require any such buy-ins.

Because the presale raised more than $2.85 million in just a few days, investors are urged to act quickly to secure their FGHT tokens at the current price of 60.06 USDT per 1 USDT.

The FGHT coin will power the FightOut crypto ecosystem.

Visit FightOut Now

Dash 2 Trade (D2T) – Final Stage of PreSale

Dash 2 Trade is an exciting cryptocurrency trading platform company in which to put your money. With its unique features, the new analytics and social trading platform are projected to take the crypto trading business by storm. Among the features are trading signals, social sentiment and on-chain indicators, a presale token scoring system, a token listing alert system, and a strategy back-testing tool. 

The Dash 2 Trade ecosystem will be powered by the D2T token, which users must purchase and hold in order to use the platform’s services. 

Dash 2 Trade is now holding a token presale at dramatically reduced prices, with sales just exceeding $10.4 million. Tokens may now be acquired for $0.0533 per token and will be available on various centralized exchanges over the next month.

Visit Dash 2 Trade here

Calvaria (RIA) – Final Presale Stage Now

A new play-to-earn battle card crypto game called RIA could become a reality. Calvaria’s goal is to increase cryptocurrency acceptance by building a bridge between the real world and cryptocurrencies in the form of an engaging and simple-to-play crypto game. 

Calvaria’s RIA token presale may attract the interest of investors. Calvaria has raised $2.5 million and is nearing the end of its fundraising campaign, with only 19% of tokens remaining.

Visit Calvaria Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews