Bitcoin Price Prediction – Can BTC Pump Up 50% in a Christmas Rally?
On Friday, Bitcoin’s price remained relatively stable, hovering around the $16,750 mark. The release of US GDP figures, which showed an increase to 3.2% for the third quarter (up from the ex[ected 2.9%) caused global markets to sell off. However, Bitcoin has since continued to show strength and closed the day above $16,800. Here’s where it’s heading next.
US GDP numbers come in higher than expected and the markets do this pic.twitter.com/38dA9cakr4— lines down @linesdown.bsky.social (@lines_down) December 22, 2022
Cryptocurrencies have faced challenges in the past year, following their record highs in late 2018, due to a range of factors such as the Federal Reserve’s tightening policies and the collapses of the Terra/Luna ecosystem, hedge fund Three Arrows Capital, and FTX exchange. Therefore, it may take some time for the market to reach similar heights again.
However, Bitcoin, seems to be doing well considering all the negative factors in the market with the $16,000 support zone holding well so far.
Bitcoin’s current price is $16,823, and the 24-hour trading volume is $17 billion. The BTC/USD pair has gained nearly 1% in the last 24 hours.
After a failed attempt to break out above $17,000, BTC has now retraced and is consolidating at $16,800 before another attempt.
Bulls need to keep the price above $16,587 if they want to have another shot at higher prices.
On the downside, a bearish breakout of the $16,600 support level may allow for additional selling until $16,250 or $16,100; a bearish break of this level may expose BTC to $15,650.
According to the MACD and RSI indicators, there is currently a mixed bias in the market. The RSI is indicating that the market is oversold, while the MACD indicates that there may be upward momentum. These conflicting signals may make it difficult to predict the direction of the market trend.
If a Christmas rally is on the cards, bulls need to push the price of BTC above $18,000 and consolidate for a few days before pushing higher.
As such, it’s worth watching the markets over the next before days to make more informed decisions.
Alternative Cryptocurrencies with More Rapid Profits
For several weeks, cryptocurrencies have been trading sideways, prompting some traders to consider alternatives with greater short-term potential. The following are some of the market’s top presales, allowing investors to get in early.
FightOut (FGHT) is a move-to-earn app that rewards users for engaging in a wide variety of workouts, including boxing, weightlifting and yoga. Running on Ethereum and scheduled to go live in Q2 2023, it will also offer a range of in-app and IRL courses, with plans to launch up to 20 of its own branded gyms and to affiliate with many others.
Launched last week, its token sale has already raised over $2.3 million. The current sale price is 60.06 FGHT for $1 (FGHT can be bought with ETH or USDT), although this will rise during the sale’s next stage.
Visit FightOut Now
Dash 2 Trade (D2T)
Another Ethereum-based platform, Dash 2 Trade is a trading intelligence platform that will provide real-time analytics and social trading data when it launches early next year.
Its initial features will include trading signals, on-chain analytics, strategy-building tools, and newsfeeds, all of which will help beginner and experienced traders stay ahead of the unpredictable cryptocurrency market.
The sale of its D2T token has raised over $10.5 million and is due to end in only 13 days, giving early investors a shrinking window of opportunity. Its first exchange listing will happen on January 11, with LBANK Exchange, Changelly Pro and Bitmart confirmed as the first trading platforms to support the altcoin.
Running on Binance Chain, C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations. Also due to launch in the second quarter of next year, its aim is to widen access to carbon credits, with which it will reward users for charging their EVs at its terminals.
As a sign of how quickly it could grow, the platform has already signed a deal with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network. 1 CCHG currently costs $0.013, and can be bought using either BNB or USDT.