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Tag: Prediction

  • Bitcoin price prediction for 2024: is $100,000 still on the cards?

    Bitcoin price prediction for 2024: is $100,000 still on the cards?

    • Standard Chartered analyst expects bitcoin to hit $100,000 in 2024.
    • Geoff Kendrick explained his bitcoin price prediction in a research note.
    • Bitcoin is currently down over 10% versus its high earlier this month.

    Bitcoin has lost more than 10% in recent days but that, as per a Standard Chartered analyst, may just be an opportunity to buy.

    Bitcoin could more than triple from here

    Geoff Kendrick remains convinced that the world’s largest cryptocurrency will more than triple to $100,000 in 2024.

    His bitcoin price prediction is based primarily on the recent bank failures. In a research note, the analyst said today:

    Current stress in traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless, and scarce digital asset.

    The explosive rally in bitcoin following the collapse of Silicon Valley Bank on March 10th does seem to support his thesis. On top of that, the total supply of BTC is scheduled to halve next year that’s traditionally delivered a boost to its price.

    Other reasons for his bitcoin price prediction

    Kendrick expects bitcoin to significantly outperform also because the U.S. Federal Reserve now seems likely to slam the breaks on lifting rates.

    Another positive catalyst he cited are the bitcoin miners. The recent surge in BTC, the analyst noted, has served to improve their profitability thereby making them less likely to sell many coins.

    Given these advantages, we think bitcoin’s share of total digital assets market cap could move into the 50% to 60% range in the next few months (from around 45% currently).

    His $100,000 bitcoin price prediction is in line with what a Gemini executive also forecast last month.

    The post Bitcoin price prediction for 2024: is $100,000 still on the cards? appeared first on CoinJournal.

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  • Bitcoin Price Prediction Shoots For The Moon Bringing New Token ASI Along for the Ride

    Bitcoin Price Prediction Shoots For The Moon Bringing New Token ASI Along for the Ride

    • BTC rising 50% has produced a recovery in the crypto market
    • AltSignals (ASI) is a highly promising new token launch
    • ASI should outperform BTC percentage rise over the coming months and years

    After some significant movements in the crypto markets, the Bitcoin price prediction forecasts further upside. However, experts suggest that AltSignals’ new token, ASI, should outperform the Bitcoin price prediction in percentage terms before the end of the year.

    AltSignals is an industry-grade trading platform that is expanding its blockchain offering. Here’s why it could be the highest-performing project of its kind in 2023 and beyond.

    AltSignals is launching during a widespread market recovery

    The Bitcoin price prediction has flipped bullish after some promising price action at the beginning of 2023. BTC has risen over 50% from its recent lows and has been driving a recovery in the crypto market.

    After many altcoins fell over 90%, the BTC recovery has produced widespread gains across the crypto market. This comes at a time when AltSignals, a highly successful crypto trading community, is launching its crypto presale event.

    The ASI token has a high potential for future returns, especially as the crypto market recovers following a positive Bitcoin price prediction. A BTC recovery typically signals the beginning of bullish crypto market movements, and ASI is well-positioned to benefit over the coming months and years.

    What is Bitcoin?

    Bitcoin (BTC) is the first blockchain-based cryptocurrency. The Bitcoin blockchain uses a proof-of-work protocol to achieve consensus in a distributed computer network. This process is highly complex by design, and the economic costs of overriding the consensus mechanism make attacking the BTC network practically impossible.

    Since it was first launched in 2009, BTC has become the largest cryptocurrency by market capitalization and has been adopted by governments and financial institutions worldwide. The rate of progress for the Bitcoin price prediction is a testament to its innate scarcity – there will only ever be 21 million BTC, which means that constantly rising demand is destined to push the price upwards.

    Bitcoin price prediction: Can BTC reach over $30,000 in 2023?

    The Bitcoin price prediction for 2023 targets $30,000 as a key level. If BTC can break through resistance at $29,000, then it is likely to reach $30,000 and above before the end of the year.

    What is AltSignals?

    AltSignals is one of the largest crypto market trading communities in Web3. The platform has consistently provided profitable trading signals to its users since 2017 and has an impressive track record for success. For example, the Binance Futures Report for Feb 2023 has shown a win rate of 90%.

    The project is now expanding its offering and will introduce several useful features to its community of crypto market traders. The ASI token, which is being released at $0.012 during the presale, is integral to this development.

    How will the ecosystem utilize ASI?

    The ASI token will give holders exclusive access to premium trading signals in the crypto market using ActualizeAI. ActualizeAI is a groundbreaking AI-powered development tool that combines several leading technologies with crypto market data. After analyzing a wide variety of different indicators, ActualizeAI will generate profitable trading signals on a consistent basis.

    ASI can be used to access the AI Members Club. This premium offering will grant early participation in AltSignals’ new trading tools. With massive profits already being made through AltSignals’ AI tools, this feature can give traders a real edge in the crypto markets.

    By holding the ASI token and joining the AI Members Club, users can gain access to exclusive investment opportunities and much more. Members can even help the AltSignals development team improve their tools by participating in early tests and sharing feedback with the team.

    Could ASI reach $1 in 2023?

    The ASI token represents a strong existing project that is now branching out further. AltSignals has a large existing user base and extensive token utility, making it a prime investment opportunity over the coming years.

    The AltSignals crypto presale will raise the price of ASI from $0.012 to $0.02274 before the token goes live on exchanges. At this point, the price of ASI could go parabolic, especially if the AI development coincides with rising prices across the crypto market.

    Experts are forecasting a $1 price level for the ASI token before the end of 2023 – a 45x price rise from the end of the presale. As a reputable community-driven project that will in the future utilize advanced AI tools, AltSignals certainly has massive potential.

    AltSignals vs. Bitcoin price prediction: Why buy ASI?

    While Bitcoin is expected to kickstart a recovery for the crypto markets, it is unlikely to outperform AltSignals in 2023 and beyond if a bull market begins. Early investors in the ASI crypto presale can expect significant returns over the coming years, as the project combines several ground-breaking technologies to deliver a comprehensive user trading experience.

    AltSignals has the potential to become an industry-leading AI trading project on the blockchain. However, a limited number of ASI tokens are being released during the presale event, and it is first come, first served. The ASI token could be the best buy of 2023 as investors prepare for the next bull run in the crypto market.

    You can participate in the AltSignals presale here.

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  • Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    • Bitcoin price outlook after this week’s Silvergate and Tether news.
    • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
    • The $20k zone is a critical and psychological level for bulls.

    Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

    However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

    Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

    On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

    Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

    But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

    Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

    Bitcoin price outlook: What next for BTC/USD?

    The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

    Bitcoin price movement on the 4-hour chart. Source: TradingView

    If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

    On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

    The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

    However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

    Bitcoin price prediction levels on daily chart.Source: TradingView

     

    The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.



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  • Bitcoin price prediction ahead of Fed decision, NFP data

    Bitcoin price prediction ahead of Fed decision, NFP data

    • Bitcoin price declined slightly on Monday after nearing the resistance at $24,000.

    • Macro factors will be the key drivers for Bitcoin and other asset prices.

    • Consumer confidence, Fed decision, and NFP data will be in focus.

    Bitcoin price pulled back slightly on Monday as investors started focusing on the key economic data from the US and the upcoming Fed decision. The BTC price was trading at $23,125, which was a few points below this year’s high of near $24,000.

    Fed decision and NFP data

    Macro data and events will be the key things that will drive the price of Bitcoin – and other assets this week. On Tuesday, the Conference Board will publish January’s consumer confidence data. This is an important figure that is watched closely by investors and policymakers because of the vital role that consumer spending plays in the economy. Economists expect that confidence continued rising in January as inflation eased.

    The US consumer confidence data will be followed by the first FOMC decision of the year. With inflation easing and stocks and crypto prices rising, analysts believe that the Fed will deliver the second consecutive 0.50% hike. It will be extremely hawkish in a bid to reduce the enthusiasm among investors and traders.

    In theory, an extremely hawkish tone will be bearish for the price of Bitcoin. Historically, crypto prices tend to rally in periods of easy money policies. However, in reality, there is a possibility that Bitcoin will rise even if the Fed sounds hawkish. That’s because investors may not believe the tone of the FOMC officials.

    The Fed will likely guide to two more 0.50% rate hikes followed by a pause on interest rates as it seeks to lower inflation.

    Finally, Bitcoin price will react to the latest non-farm payrolls (NFP) scheduled for Friday this week. These numbers will be important because they will guide the Fed in making its future decisions. Strong jobs numbers mean that the bank will continue sounding more hawkish in the coming meetings. 

    Bitcoin price prediction

    BTC/USD chart by TradingView

    The BTC price has been in a strong bullish trend in the past few weeks. It has formed an ascending channel shown in black. The coin has moved above all moving averages. Further, it has moved above the important support at $21,615, the highest point on January 18. 

    Therefore, there is a possibility that Bitcoin will pull back slightly ahead of the Fed decision and then rebound after the decision. As such, the coin could retest the support at $22,000 and then rise to $25,000.

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  • Polkadot (DOT/USD) prediction as price embarks on a relief rally from the $4.2 bottom.

    Polkadot (DOT/USD) prediction as price embarks on a relief rally from the $4.2 bottom.

    • Polkadot had the second-highest development activity in 2022

    • DOT price has heavily disappointed since the 2021 ATH but has recovered lately

    • DOT faces resistance at $5 and may correct downwards

    Polkadot (DOT/USD) buyers are struggling to break above $5. A technical outlook shows the cryptocurrency has been rejected at the building resistance for the second day. However, Polkadot fans should be at least excited by a relief rally that has seen the price recover from the $4.2 bottom.

    If time is a true judge, then the Polkadot price has disappointed heavily. The cryptocurrency touched a high of nearly $56 in November 2021 and has since come crumbling. With a single-digit price now, DOT is a shell of its former self. 

    Although 2022 may have ended on a low note for DOT buyers, enthusiasts should be happy with the blockchain’s activity. Santiment data indicates that the blockchain had the highest development activity in the year after Cardano. Polkadot was followed by Cosmos blockchain, Ethereum, and Internet Computer in the top 5. That shows that the decline in the price of the native token wasn’t in any way signalling a falling popularity of the protocol. Rather, it was due to a sustained bearish market that has hit every cryptocurrency. 

    If you are considering buying DOT, you may have to wait until the throat clears. For short-term investors, a break above $5 is the needed confirmation.

    DOT price facing resistance at $5 and 50-day MA

    DOT/USD Chart by TradingView

    Based on the price action, DOT’s long-term momentum is still bearish. The short-term is bullish, with the RSI now in the bullish zone. However, DOT is facing resistance at the 50-day MA. The moving average coincides with the $5 resistance level.

    What happens next for DOT?

    A potential correction is looming for the DOT price at the current level if bulls do not recover above $5. If a breakout occurs, DOT could set the next target above $7, with minor corrections at $5.6 and $6.

    Where to buy DOT

    Plus500

    Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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  • Bitcoin price (BTC/USD) could tank further, but you might be excited by this Bloomberg prediction

    Bitcoin price (BTC/USD) could tank further, but you might be excited by this Bloomberg prediction

    • Bloomberg report projects bullish Bitcoin in 2023

    • Analysts bank on recession dynamics and central banks’ actions as bull triggers

    • BTC trades on a short-term recovery, with $19,000 in sight

    Investors may hold their breath, hoping that 2023 will turn out to be a good year for crypto and stocks alike. But even with these hoped-for expectations, market analysts have warned that 2023 could be the year of a global recession. With the economic depression, notable recoveries may be hard to come by. But Blomberg analysts think a recession would be a bullish trigger for Bitcoin price (BTC/USD). How?

    In its cryptocurrency outlook, analysts say Bitcoin will come out ahead in a potential economic shutdown in 2023. Even so, the prediction is not outright. According to the report, Bitcoin could slide to $12,000 or even $10,000. From there, it will stage a strong comeback.

    Additionally, the Bloomberg report highlights policy easing in 2023 as a key bullish trigger for Bitcoin and cryptocurrencies. The analysts say central banks could be forced to ease policy on the back of deflationary outcomes. If this happens, the use case of Bitcoin as a digital version of gold will strengthen. The analysts point out that Bitcoin will start performing like the US long-dated treasury bonds and metal. The scenario will be bullish for the digital asset.

    Bitcoin price movement as moving averages join the support

    BTC/USD Chart by TradingView

    Technically, BTC is mildly bullish and trades along a short-term ascending trendline. The price has, for the first time since November, moved above the 50-day moving average. A potential 20-day MA crossover of the 50-day MA could heighten the recoveries. The RSI reading has safely surpassed the midpoint reading of 50, indicating that buyers are in control.

    What is the likely target for BTC?

    With the upside, Bitcoin now trades below an overhead and crucial resistance at $19,000. Should the current upside continue, the level is the target zone for buyers. Accelerated recoveries will depend on the prevailing crypto sentiment.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy BTC with Binance today

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  • BNB prediction as price maintains a recovery

    BNB prediction as price maintains a recovery

    • Binance coin has been bearish since the FTX collapse 

    • The cryptocurrency trades on an upside at $255 

    • BNB faces resistance at $266, a crucial resistance level

    While 2022 was largely bearish for almost every cryptocurrency, Binance (BNB/USD) was relatively stable. That’s not to mean that the cryptocurrency was bullish, but at least bears did not run riot as they did for most cryptocurrencies. It helped BNB hold strengths. At one time before the collapse of FTX, BNB neared the $400 price level. Since then, BNB has remained bearish. What happened?

    The collapse of FTX ignited fears that no crypto exchange was too big to fail. Investors rushed to decentralised exchanges that benefited from huge outflows from centralised peers. Binance, the world’s largest centralised crypto exchange, was among the culprits of the shift. That sent the native token BNB tumbling to $220 by mid-Dec. 

    Further fears were heightened by Binance’s proof of reserves. As CoinJournal reported, an audit report raised questions showing that the exchange was not sufficiently collateralised. BNB has been suffering in the aftermath, although the latest recoveries are promising. 

    BNB is facing resistance at $266 after recent recoveries

    BNB/USD Chart by TradingView

    BNB is mildly bullish on the daily chart. A bullish MACD crossover was initiated, supporting an improved momentum for the cryptocurrency. However, the MACD indicator is bearish. Bulls are yet to close above the neutral zone, which separates the bullish and bearish momentum. 

    BNB also trades below the resistance at $266. This is the level bulls defended strongly before the FTX-inspired crash. Therefore, the level is a key test for the bulls. 

    BNB price action next

    A continuation of the current recovery could see BNB return to its former self and turn $266 into support. For this to happen, bulls must overcome the resistance and break higher. 

    On the flip side, bears will try to position themselves as the BNB price reaches $266. Already, there is some resistance developing below the resistance zone. A failed breakout will see bears try to force a correction. That could see BNB continue to consolidate below before buyers have another chance.

    Where to buy BNB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BNB with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy BNB with Binance today

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  • Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price prediction as Japan’s Bitcoin surges

    Jasmy price has had one of the best performances in 2022 as investors bought the dip in Japan’s Bitcoin. It has risen in the past five straight days and moved to the highest level since December 11. These gains represent about a 40% increase from the lowest level in 2022, giving it a market cap of over $100 million. 

    Why is Jasmy soaring?

    Jasmy is a relatively small blockchain project that has become popular in Japan. The platform was started by a team of former executives at Sony, one of the leading entertainment companies in the world. The platform was created to provide decentralized data storage solutions to companies and individuals. 

    The creators recognized the importance that data plays in the world today. Indeed, we have seen multi-billion dollar companies like Google and Meta Platforms that make money from selling data to advertisers. Data privacy has also become an important part of the word debate today. 

    Jasmy plays an important part in the democratization of data by combining blockchain and Internet of Things to provide an infrastructure that allows anyone to use data safely and securely. Users can store and control their data, manage and control devices, and provide a safe place to use data in a secure manner. 

    Jasmy’s platform is made possible by a number of popular technologies. Some of the top components of its technology are the Personal Data Locker, which enables data storage within a peer-to-peer network. It also has a secure knowledge communicator which allows data democratization and smart guardian that allows the registration of devices. 

    It is unclear why Jasmy coin price has done well in the past few days. A likely reason is that the developers are about to make a major announcement such as a partnership with a major company. There is speculation that the network will soon partner with Sony. 

    Jasmy price prediction 

    JASMY chart by TradingView

    The daily chart shows that Jasmy price has been in a strong bullish trend in the past few days. It has risen in the past fou straight days and managed to move above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved slightly below the overbought level. 

    Therefore, as I wrote elsewhere, I suspect that Jasmy will retreat in the coming days as the short squeeze fades. Also, it will decline as some of the current buyers move into a distribution phase. If this happens, the next key level to watch will be at $0.0032.

    How to buy Jasmy

    KuCoin

    Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

    Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

    Users can benefit from a beginner-friendly interface and relatively low fees.


    Buy JASMY with KuCoin today

    Swapzone

    Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.


    Buy JASMY with Swapzone today

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  • Bitcoin price prediction as the US dollar index plummets

    Bitcoin price prediction as the US dollar index plummets

    • Bitcoin price has been in a tight range in the past few weeks.

    • Bitcoin’s fear and greed index has dropped to the fear level of 25.

    • The US dollar index has plummeted to $103.

    Bitcoin price has held in a tight range even as the US dollar index (DXY) has plunged to the lowest level since June. BTC/USD was trading at $16,858, where it has been in the past few days. This price is more than 70% below its all-time high of near $70,000.

    US dollar index crashes

    Bitcoin and the US dollar have had a strong inverse relationship in the past few years. In most cases, Bitcoin rises when the greenback retreats. 

    Recently, this inverse correlation has faded as Bitcoin and the US dollar have continued dropping. The US dollar index has plunged from the year-to-date high of over $115. 

    It has crashed in the past few months even after the relatively hawkish Federal Reserve. In its December meeting, the Fed decided to hike interest rates by 0.50% after hiking by 0.75% in the previous four meetings. You can read more about the Fed decision here.

    The Fed also hinted that it will continue increasing interest rates in the coming months. Recent numbers are supportive of higher rates. For example, data published last week revealed that the economy expanded by 3% in the third quarter after slumping in the previous two straight quarters. 

    Additional data revealed that inflation is falling at a relatively slower pace. On Friday, the Fed’s favourite inflation gauge showed that it dropped in November as gasoline prices eased. 

    Bitcoin price has also dropped as the fear and greed index has remained under pressure. The closely watched Bitcoin fear gauge remains below 30, meaning that investors are fearful about the state of the market.

    In my view, the most accurate fear gauge is outflows. Binance has had outflows worth over $9 billion in the past 30 days. Similarly, the leading crypto banks like Silvergate have had some of their biggest outflows on record.

    Bitcoin price prediction

    BTC/USD chart by TradingView

    So, is it safe to buy Bitcoin? The 4H chart shows that the BTC price has been in a tight range in the past few weeks. It is hovering at the 16,800 level, where it has been this month. Bitcoin’s Relative Strength Index (RSI) has moved close to the neutral point of 50.

    Therefore, despite the collapse of the US dollar index, there is a likelihood that it will soon have a bearish breakout. If this happens, the next key support level to watch will be at $15,435, the lowest level in 2022. A breakdown below that level will mean that there are still more sellers in the market.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Bitcoin price prediction as fear and greed index improves

    Bitcoin price prediction as fear and greed index improves

    • BTC has been in a consolidation phase in the past few days.

    • Bitcoin’s fear and greed index has moved to the fear level.

    • The broad fear index by CNN Money is still in the greed zone.

    Bitcoin price remained under intense pressure as concerns about the crypto industry continued. It was trading at $16,516 on Tuesday, where it has been in the past few days. This price is a few points above this month’s low of $15,733. The BTC/GBP and BTC/EUR have also been consolidation phase as well.

    FTX and Alameda contagion continues

    Bitcoin and other cryptocurrencies have been on edge following the collapse of FTX. At its peak, the company was the second biggest cryptocurrency exchange in the world after Binance. It was also seen as a savior of the blockchain industry as the founder made significant investments in a struggling company.

    The contagion in the industry has continued. On Monday, BlockFi, a struggling crypto lender, filed for bankruptcy after the collapse of FTX. FTX had reached a definitive agreement to acquire the company, as we wrote in this report.

    Other companies are struggling as well. For example, over 150 firms have applied for financing from a fund created by Binance and other large players. At the same time, Digital Currency Group (DCG) has hired restructuring experts as its portfolio companies come under pressure.

    Crypto fear and greed index improves

    Bitcoin price has been in a tight range as the cryptocurrency fear and greed index improves. According to AlternativeMe, the fear and greed index was at the fear level of 26 on Tuesday, which was higher than last week’s extreme fear of 22. 

    The fear and greed index is an important gauge in the crypto industry since it measures the overall sentiment of the coin. It looks at key data like Google Trends, market dominance, and social media activity.

    On the other hand, the broader CNN Money fear and greed index remained at the greed level of 59. Key numbers like stock price strength, stock price breadth, and put and call options are at the greed level. Bitcoin tends to do well in periods of sustained greed.

    Bitcoin price forecast

            Bitcoin chart by TradingView

    The daily chart shows that the BTC price has been under intense pressure in the past few months. It remains slightly below the important support level at $17,606, which was the lowest level in June. The coin has also moved below all moving averages. It has also formed what looks like a bearish pennant pattern.

    Therefore, the coin will likely have a bearish breakout as sellers target the next key support at $15,000. A drop below that support means that the coin has higher chance of falling to $10,000.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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