Bitcoin Price Prediction as Bearish Trend Sends BTC Below $42,000 – Will BTC Keep Falling?
Bitcoin (BTC), the pioneering cryptocurrency, currently faces a downtrend, slipping below the pivotal $42,000 mark, trading at $42,200 with over 1.50% decrease. This movement prompts questions about Bitcoin’s future trajectory and whether this bearish trend will persist.
Amidst these fluctuations, platforms like Paybis are streamlining Bitcoin purchases using credit cards, reflecting the growing accessibility of cryptocurrency.
Meanwhile, Bitget remains optimistic, forecasting a significant rise for ORDI in the next bull market and projecting Bitcoin to soar to $100,000.
Adding to the mix of influences, SEC Chair Gensler’s announcement of a “new look” at spot Bitcoin ETF filings suggests regulatory shifts that might impact Bitcoin’s path ahead.
Easy Bitcoin Purchase with Credit Cards: Paybis Simplifies the Process
Making Bitcoin purchases easier, Paybis, a crypto-to-fiat exchange, enhances access to Bitcoin (BTC) by simplifying its platform. This user-friendly approach allows for easy transactions and complies with regulations.
Paybis supports various cryptocurrencies and makes converting them to traditional currency (fiat) straightforward, potentially attracting more users to the world of cryptocurrency.
Crypto exchange @paybis streamlines $BTC purchasing with fiat, here’s how https://t.co/Vk0pIkQHYX
— U.Today (@Utoday_en) December 14, 2023
The platform’s commitment to transparency and adhering to regulations could boost investor confidence.
As Paybis becomes increasingly popular for cryptocurrency transactions, the demand for Bitcoin and other digital currencies might rise, indicating a positive trend for the cryptocurrency market.
Bitget’s Bull Market Forecast: ORDI Up, BTC to Hit $100,000
Bitget, a prominent cryptocurrency derivatives exchange, forecasts an optimistic future for Bitcoin, predicting its value could reach $100,000 in the next bull market.
The exchange also expects ORDI, a top BRC20 coin, to rise significantly in market cap. Bitget’s study emphasizes the potential of non-fungible tokens (NFTs) within the Bitcoin ecosystem, projecting a staggering 100-fold increase in Bitcoin’s NFT market.
The exchange plans to capitalize on opportunities for 100x coins on platforms like Atomicals, Taproot Assets, and Ordinals.
BTCTN: #Crypto Exchange @bitgetglobal Forecasts #BTC to Reach $100,000 and ORDI’s Ascent in Next Bull Market https://t.co/7bcMH2PEfI
— Hudson Estell (@HudsonEstell1) December 15, 2023
The report suggests a “one project, one protocol solution” strategy to foster diverse protocol development within the Bitcoin ecosystem.
It highlights the importance of upcoming technological advancements, such as Ordinals, Atomicals, and scaling solutions like the Lightning Network, in enhancing Bitcoin’s blockchain functionality.
This bullish outlook may drive increased demand, potentially elevating Bitcoin’s price to unprecedented levels.
SEC Reevaluates Bitcoin ETF Filings, Says Chair Gensler
The US Securities and Exchange Commission (SEC) Chair, Gary Gensler, has indicated a fresh review of applications for spot Bitcoin exchange-traded funds (ETFs) in response to recent court rulings. Currently, between eight and twelve applications are under consideration.
SEC Chair Gensler Reveals Regulator Is ‘Taking a New Look’ at Spot Bitcoin ETF Filingshttps://t.co/TViuU1ZBLJ
— John Morgan (@johnmorganFL) December 16, 2023
This shift in the SEC’s approach, influenced by court decisions involving Grayscale Investments’ efforts to convert its Bitcoin trust into a spot ETF, suggests a potential change in regulatory strategy.
Such a change could significantly impact Bitcoin’s pricing and the wider cryptocurrency market, as clearer regulatory guidelines often strengthen investor confidence.
Bitcoin Price Prediction
Bitcoin‘s technical analysis as of December 16 shows it navigating around a pivotal $43,400. Facing resistances at $44,715, $46,000, and $47,250, Bitcoin also has supports at $41,695 and lower.
Its RSI at 74 suggests an overbought scenario, yet its position above the 50-Day EMA of $42,315 leans towards a short-term bullish trend.
Bitcoin Price Chart – Source: Tradingview
A key factor is the 38.2% Fibonacci retracement at $41,650; falling below this could lead to further supports around $40,600.
Overall, Bitcoin maintains a cautious bullish stance above $43,400, with potential resistance tests ahead influenced by broader market dynamics.
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