Bitcoin Price Prediction: Will BTC go back up soon?

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bitcoin price It has come under extreme pressure in the last few months as investors have become extremely fearful about the industry. BTC fell to a low of $15,718, which is well below its all-time high of $70,000. It has fallen more than 26% from its high this month, bringing its total market cap to around $302 billion.

Will BTC go back up?

Bitcoin price has been in a deep selloff as a gloomy mood engulfed the crypto industry. The two main reasons for the crash are the collapse of FTX and rising interest rates in the United States.

The Fed has taken a very aggressive stance in the last few months to fight rising inflation. In fact, it has raised rates by 400 basis points and analysts expect it to continue raising for some time.

High interest rates are usually dangerous for riskier assets like cryptocurrencies and growth stocks. It also points out that several growth companies such as Carvana, Tesla, and Wayfair have seen their shares decline over the past few months.

Meanwhile, the recent collapse of FTX and Alameda has raised significant contagion risk in the crypto industry. The two companies were important players in the crypto industry, with FTX being the second largest. crypto exchange in the world by evaluation.

On the other hand, Alameda was one of the largest liquidity providers in the industry. As a result, its downfall has had a major impact in the industry. Many people have made the decision to move on from the crypto industry either completely or temporarily.

Bitcoin The capitulation of the price selloff isn’t likely to happen anytime soon. For that to happen, interest rates would likely have to drop lower or the Fed would have to signal that it would begin cutting. Also, there is a need for clarity on crypto regulations.

bitcoin price forecast

bitcoin chart by tradingview

The daily chart shows that the price of BTC has been in a strong bearish trend over the past few months. The selloff intensified after the coin dropped below the important support level at $18,048, which was the lowest point this year. It was also slightly below the highest point of 2017.

Bitcoin remained well below all moving averages, while the oscillators moved into oversold levels. Therefore, I suspect that the coin will continue to fall in the near term. If this happens, the next key psychological level to watch will be $10,000.

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