Bitcoin Price Prediction as BTC Falls Below $17,000 – How Low Can it Go?
The BTC/USD pair is currently trading sideways, with a narrow range of $16,750 to $16,900 on December 8. However, Bitcoin’s price prediction remains bearish due to a breakdown of an upward trendline.
This year, Bitcoin has dropped 75% from its previous high of $69,000. The cause of these losses could be attributed to various factors, such as the collapse of FTX and increasing selling pressure from whales reducing their inflow volumes.
Additionally, miner capitulation risk continues to be a concern for traders looking to enter long positions.
Accelerating Bitcoin Miner Capitulation.— Day Trader 📉 (@BTC_daytrader) December 8, 2022
Core Scientific; a leading #BTC miner, experienced cash flow issues followed by Stronghold Digtal Mining which lost -25.4% on news of a possible NASDAQ delisting.
The surrender of the miners was the main bottom signal of the BTC. pic.twitter.com/WkFfhOPTMb
According to ClimateTech Vice Chair Daniel Batten, nearly 29 mining companies account for 16.48% of the entire Bitcoin network and use 90%-100% renewable energy.
On the positive side, PayPal, a major financial services provider, plans to launch cryptocurrency services in Luxembourg, which may help to expand the use of cryptocurrencies in the European Union.
This news was regarded as one of the most important factors that could assist BTC prices in limiting further losses.
Miner Capitulation Poses a Serious Risk In the Bitcoin Price
Bitcoin’s downtrend could be linked to the increased risk of miner capitulation, which continues to frighten traders attempting to open long positions, putting pressure on the price of BTC.
Miners are selling their Bitcoin holdings due to tight budgets, according to on-chain analytics. The result is visible in the declining share values of mining companies.
Bitcoin (BTC) price failed to hold above $17k and fell to the support near $16,500 again. The BTC price remains under pressure as miner capitulation risk continues to haunt traders looking to make long positions. #Bitcoin #CryptoNews #cryptomarket @crypto_talkies pic.twitter.com/3R2X23v1PW— Crypto Talkies – Sentiment Analysis Tool (@crypto_talkies) December 8, 2022
The value of NASDAQ-listed cryptocurrency mining firms such as Marathon Digital, Core Scientific, Riot Blockchain, Hut 8 Mining, HIVE Blockchain Technologies, and many others have fallen by 46%, 20%, and 38% in a month over the last six months, respectively, with no signs of respite.
This month saw a decrease in mining activity, resulting in a decrease in hashrate and mining difficulty. The mining industry is under pressure due to low coin values, rising energy costs, and heavy debt loads.
📉 #Bitcoin $BTC Miners' Balance just reached a 14-month low of 1,818,280.032— glassnode alerts (@glassnodealerts) December 3, 2022
Previous 14-month low of 1,818,778.794 was observed on 08 October 2021
View metric:https://t.co/cHhwgaCLee pic.twitter.com/Fq42xQlfMd
As a result of financial hardship and declining stock values, companies will eventually go bankrupt, with Bitcoin being dumped as a last resort. It is also worth noting that miners’ BTC reserves have decreased by 13K BTC. According to Glassnode, it is currently at a 14-month low of 1,818,280.032 BTC.
CZ Confirms Zero Outstanding Loans By the Exchange
Binance CEO Changpeng Zhao stated that the exchange has no outstanding loans and urged anyone to verify this claim. Binance issued a Bitcoin proof of reserves earlier on November 25 to show that its on-chain reserves of 582,485.9302 BTC were 1% greater than total client deposits of 575,742 BTC.
Bitcoin’s current price is $16,844, and the 24-hour trading volume is $17 billion. The BTC price is mostly unchanged today, having gained only 0.20% since yesterday.
If Bitcoin prices stay below $16,900, a significant technical resistance level, more losses will likely come. On the 4-hour timeframe, the $16,900 level acted as support and was extended by an upward trendline; however, the presence of Doji candles indicates that a downtrend may be forming.
When looking at the downside, $16,500 is the next level of support for Bitcoin. If this level is breached, the price of BTC could fall even further to $16,000 or $15,450.
If Bitcoin cannot sustain its recent selling trend and instead displays a bullish break above $17,000, then a healthy rally to at least $17,350 is to be expected. If the bullish trend continues, Bitcoin’s price may reach $17,650 or $18,000.
Massive Upside Potential Coins
Despite the bearish price action, the coins below are going from strength to strength, catching the attention of crypto whales.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $9.055 million. The sale has now entered its fourth and final phase and sales are still going strong, with $400K coming in in the last 24 hours. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each, which observers are calling highly discounted.
Dash 2 Trade was recently listed as one of the presale tokens of 2022 by CoinCodex.
IMPT – Presale Ends In 3 Days
The IMPT presale has now raised more than $15 million as early investors rush to purchase the altcoin before it is listed on exchanges in seven days. The sale is scheduled to end in less than four days, followed by confirmed listings on Uniswap, LBANK Exchange, and Changelly Pro.
Since these listings have already been confirmed, the IMPT sale has gained momentum in its final stages.
At the same time, the Ethereum-based carbon credit marketplace’s fundamentals place it in a strong position to secure long-term growth, with the platform already proving popular with ESG-focused cryptocurrency investors.n
IMPT tokens are currently selling for $0.023 each.