Bitcoin Price Prediction as BTC Completes 61.8% Fibonacci Retracement – Time to Buy the Dip?
On Friday, the Asian session saw more selling in the cryptocurrency market as the US Federal Reserve and the European Central Bank raised interest rates. Despite the BTC sell-off, the Bitcoin price prediction remains bullish as long as it remains above the $17,000 support zone.
The global crypto market worth decreased 1.18% to $850.21 billion in the previous day, as major cryptocurrencies plummeted early on December 16. Over the last 24 hours, the total crypto market volume plummeted 26.85% to $33.96 billion.
The entire volume in DeFi is currently $1.79 billion, accounting for 5.26% of the overall 24-hour volume in the crypto market. The overall volume of all stablecoins is now $31.45 billion, accounting for 99.60% of the total 24-hour volume of the crypto market.
Let’s have a look at the fundamental side of the market.
Trump Sells Superhero NFTs After Calling Bitcoin A “Scam”
After being banned from Twitter last year, Donald Trump turned to a new network called Truth Social, where he teased a “big surprise” earlier this week. A number of people theorized that Trump will reveal his vice presidential pick for the 2024 race.
Some of Trump’s most ardent supporters were let down by the revelation that there would soon be an NFT collection with Trump as the subject. On Thursday, he announced, “My official Donald Trump Digital Trading Card collection is here!”
Despite the fact that Trump never referred to “NFT” in the article, that is exactly what the “digital trading cards” are:
There will be 45,000 NFTs on the Polygon blockchain, and they will cost $99 apiece.
https://www.twitter.com/bungdan/status/1603436271124127744?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1603436271124127744%7Ctwgr%5E017ebbff675bcc990a9be8e9c175461507ba8ad2%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.cnet.com%2Fculture%2Fdonald-trumps-cringe-nft-collection-sells-out-raising-4-45m%2FAll 45,000 NFTs were purchased in just 12 hours, according to statistics from OpenSea, despite receiving widespread ridicule from both Trump supporters and adversaries. This amounts to $4.45 million if each donation was $99.
Furthermore, the designers receive 10% of any proceeds from sales made through third-party marketplaces like OpenSea. Traders on OpenSea have forked over $406,000 (320 ether) so far purchasing and trading NFTs.
Bitcoin Price
The current price of Bitcoin is $17,469, and the 24-hour trading volume is $25 billion. Since yesterday, the price of Bitcoin has dropped by more than 1%. Despite having broken through a critical resistance level of around $18,150, Bitcoin is trading adversely.
Leading technical indicators, such as the relative strength index (RSI) and the moving average convergence divergence (MACD), are currently bullish, indicating that Bitcoin’s price may rise after completing the 61.8% Fibonacci retracement at $17,440.
The next major resistance level for Bitcoin is around $18,125; a break above this level might lead to further rises toward $18,600. On the downside, Bitcoin’s price may find support at $17,440.
This level has previously served as a barrier, and it is likely to maintain BTC’s bullish trend. A bearish crossover below this region, on the other hand, might result in a drop in BTC price below $16,850.
Altcoins With Huge Upside Potential
Cryptocurrencies have been trading sideways for some weeks, prompting some traders to consider alternatives with greater short-term promise. The following are some of the market’s leading presales, allowing investors to get in on the first floor.
FightOut (FGHT)
FightOut (FGHT), one of the market’s newest initiatives and presales, is a move-to-earn fitness software that mixes real-life workouts with Web3 and the metaverse.
It tracks and rewards not only steps walked, but all kinds of workouts, as well as actions done to lead a better lifestyle, building on the foundations established down by prior M2E platforms such as STEPN.
📣 Attention #FightOutCrew!
— Fight Out (@FightOut_) December 15, 2022
We just hit another milestone – over $1.7M raised! 🤯
Don’t miss this opportunity to get in early and enjoy up to a 50% bonus with $FGHT!
Join the Presale now! ⬇️https://t.co/xwthuHJbBG pic.twitter.com/g6YGRBaeQa
Only recently launched, its presale has already raised over $2 million, with $1 currently purchasing 60.06 FGHT tokens.
Visit FightOut Now
Dash 2 Trade (D2T) – Final stage of presale
The project said today that once the token auction exceeds $10 million, a countdown to its first public listing on a controlled market will begin. If the $10 million target is reached before the completion of the stage 4 presale, Dash 2 Trade will launch DASH on CEX at the end of the presale.
RobotEra (TARO)
RobotEra (TARO), another Ethereum-based platform, is a Sandbox-style Metaverse that will allow players to play as robots and contribute to the creation of its virtual world. This includes the creation of NFT-based land, buildings, and other in-game assets, as well as the game’s goal of connecting players to other metaverses and establishing an interoperable multiverse.
1 TARO is currently available for 0.020 USDT (it may be purchased with USDT or ETH), however, this price will rise to $0.025 in the second stage of its presale. It has already collected almost $568,000.
Visit RobotEra Now
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