Bitcoin Price Prediction as BTC Falls Below Key Support, Here are the Levels to Keep an Eye on
During the European session, the Bitcoin price prediction hasn’t changed much today, as BTC continues to trade above the major support level of $16,550. Given the bullish technical indicators, the market is waiting for a key on-chain signal before launching into a classic bull market.
On December 17th, the developer of the Puell Multiple tweeted that he believes the current BTC price decline is nearing its end. However, not everyone is pessimistic about Bitcoin’s future, even though many are predicting new BTC/USD lows of $12,000 or less this cycle.
On-chain, three factors are needed for a bull:
— David Puell (@dpuellARK) December 17, 2022
1. Holding behavior from long-term investors.
2. Painful losses from short-term speculators.
3. Network activity across the board.
Personally seeing 1 and 2. 3 is still underwhelming.
Two key on-chain occurrences, according to Puell, are already present and will be crucial for the BTC price to rebound.
Despite the fact that Bitcoin has dropped by almost 70% from its all-time high, many long-term holders (LTHs) are still holding on to their coins. Short-term “speculators” have also been hit hard by the current price decline.
Puell thinks that a boost in network activity across the board is all that’s missing.
Mazars Group to Halts Work With All Crypto Firms
Mazars Group, an accounting firm, has temporarily stopped serving cryptocurrency customers. Immediately after the international accounting company published “proof of reserve” reports for many cryptocurrency exchanges, Binance, KuCoin, and Crypto.com decided to break ties.
The move comes as big cryptocurrency exchanges try to establish their financial stability and demonstrate they can meet withdrawal demands without going bankrupt.
Bitcoin Drops as Mazars Group Steps Back From Crypto Clients
— Crypto Talkies – Sentiment Analysis Tool (@crypto_talkies) December 16, 2022
#Negative #BTC pic.twitter.com/HYPx0gOoef
Binance and Crypto.com’s respective chief executive officers have made efforts to set their companies apart from FTX, which has been accused of misusing consumer funds for years before to filing for bankruptcy.
Sam Bankman-Fried, who started the company, has been charged with numerous counts of fraud and money laundering. Due to concerns over the accuracy of the Trump Organization’s financial records, Mazars cut ties with the company in February.
Binance proof-of-reserves removed from the auditor's site
— Crypto Bernard Wong (@Wong_insight) December 16, 2022
Mazars Group, known for its proof-of-reserve audit services for crypto companies, reportedly removed PoR audits from its site.#Bitcoin #Altcoin pic.twitter.com/vet0vFKWHi
The Mazars Group said in a statement to CNBC that it had “paused its work connected to the issuance of Proof of Reserves Reports for enterprises in the cryptocurrency sector” due to “concerns over the way the public understands these reports.”
This increases bearish pressure on the cryptocurrency market and keeps BTC bearish.
Bitcoin Price Prediction
Bitcoin’s current price is $16,730, and the 24-hour trading volume is $22 billion. Bitcoin’s price has dropped nearly 1.5% since yesterday.
On Saturday, the BTC/USD pair is expected to find immediate support near $16,560. Because the RSI and MACD indicators are in the oversold zone, BTC prices could soar to the 23.6% Fibonacci retracement level of $17,000.
Further up, the BTC/USD pair is likely to encounter new resistance at $17,250, a level that has been extended by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
On the other hand, a break below $16,570 could expose BTC to $16,150.
Alternative Coins with High Profitability
Given the current risk-off sentiment in the cryptocurrency market, a few coins are making headlines. Let’s check them out!
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness app and gym chain aimed at bringing the fitness lifestyle to web3, has launched its pre-sale, and investors believe the project has the ability to transform the existing web3 M2E landscape.
While existing M2E apps such as StepN only track steps and require expensive non-fungible token (NFT) buy-ins to participate, FightOut takes a more comprehensive approach to tracking and rewarding its users for their exercise and activity and does not require any expensive buy-ins.
FightOut’s FGHT tokens are currently selling for 60.06 USDT per 1 USDT, and interested investors should act quickly to secure their tokens, as the pre-sale raised over $2.8 million in just a few days. The FGHT token will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Dash 2 Trade is a promising crypto trading platform startup for anyone wishing to invest in. The up-and-coming analytics and social trading platform intended to take the crypto trading sector by storm with its unique features.
Among the features are 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. The D2T token will fuel the Dash 2 Trade ecosystem, which users must purchase and hold in order to enjoy the platform’s services.
Dash 2 Trade is now hosting a token pre-sale at drastically reduced pricing, with sales recently exceeding $10 million. The pre-sale dashboard will go live on Friday, and the development team is already ahead of schedule. Tokens are currently available for purchase for $0.0533 per token and will be listed on numerous centralized exchanges within the next month.
Calvaria (RIA) – Final Presale Stage Now
RIA, a new play-to-earn battle card crypto game, maybe a possibility. Calvaria’s goal is to enhance crypto acceptance by creating a bridge between the real world and crypto in the form of a fun and easy-to-play crypto game. Investors may explore Calvaria’s RIA token pre-sale.
Calvaria has now received $2.47 million and is reaching the finish of its fundraising campaign, with only 20% of tokens remaining.
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