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Bitcoin Price Prediction – BTC is Staying Rangebound for Now Because of This Self-fulfilling Strategy

Bitcoin Price Prediction - BTC is Staying Rangebound for Now Because of This Self-fulfilling Strategy

Bitcoin has not registered much action since early September. The price has been trading within the range of $19,000 to $20,000, pointing to low volatility. However, this week, a spike in volatility could be witnessed due to two key factors.

Bitcoin continues to consolidate

At the time of writing, Bitcoin was trading at $19.272 after a less than 1% gain over the past day. During the past 24 hours, Bitcoin has traded between $19,200 and $19,450, indicating mild volatility.

Bitcoin has held the $19K level for several weeks now, which has attracted contrasting arguments from analysts. According to crypto analyst Michael van de Poppe, the Bitcoin bottom is in despite bears believing that the coin will sink to $14K or lower.

Bitcoin currently holds the $19,200 support level, with the major resistance being $19,600. In case Bitcoin breaks out past this resistance, it is likely that we will see a rally toward $20K in the short term.

The fight for control between bulls and bears is contributing to the price consolidation. Each time Bitcoin has dropped below $19K, buyers have taken advantage of the drop to scoop up more coins at low prices. Moreover, it seems like the hands holding now are unwilling to sell, awaiting a strong price movement.

Bitcoin continues to consolidate

Looking at the movement of the Moving Average Convergence Divergence (MACD) line over the past month, it is clear that Bitcoin has been trading in a range, and only a few spikes of volatility were seen. Currently, the MACD line is moving in tandem with the signal line, indicating that the trend is neither bullish nor bearish.

However, as aforementioned, a strong movement could be seen in the coming weeks caused by several macroeconomic factors.

Earnings reports and Fed rate hikes could spike volatility

Bitcoin has traded in tandem with stocks for most of 2022. Bitcoin is now correlated with the Dow Jones Industrial Average and the S&P 500 indexes. Therefore, traders could see strong action in Bitcoin in the coming week amid the release of key corporate earnings reports.

Big techs heavily weighted in the S&P 500 index, such as Microsoft, Alphabet, Meta, Apple, and Amazon, are expected to release their report earnings. The performance of these firms could influence the direction BTC will go to.

On the other hand, the US Federal Reserve is expected to announce more monetary tightening policies. The Federal Open Market Committee meeting is expected to introduce a hike in interest rates. According to the recently released Consumer Price Index data, inflation in the US is still high, with another hike in interest rates expected to trigger a bearish momentum in financial markets.

Altcoins are registering strong movements

As Bitcoin consolidates, traders are turning their attention toward altcoins. One of the altcoins performing exceptionally well is Dash 2 Trade (D2T). D2T is currently in the second stage of its presale. The first stage ended after the presale raised over $2 million. The presale has nine stages, and the price will increase in each stage.

D2T is a utility-packed token that powers the Dash 2 Trade platform. The platform offers investors trading signals that make their trading experience better.

The other presale attracting much attention is IMPT, the native token of the IMPT.io ecosystem. The presale has raised more than $8 million, and the first stage is nearing completion. The IMPT.io platform plans to lower carbon emissions by revamping the carbon credits market through blockchain.

Related

  • How to Invest in Bitcoin – Beginner’s Guide
  • How to Buy Bitcoin in 2022 – Safely & With Low Fees
  • Bitcoin Price Prediction 2022-2030 – How High Will BTC Reach?

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