Bitcoin price dropped by 3% overnight to an all-time low of $8,420, retesting previous highs before recovering sharply to $8,680.
There have been numerous predictions about Bitcoin prices in the past few years. Some time ago, there was a prediction that Bitcoin would reach $1 million towards the end of 2020. Now, they predict that traders will tank the price of Bitcoin.
Let’s take a closer look at the bitcoin price analysis to see why traders will tank the price to $10k. Then, we’ll discuss alternative profitable coins, like D2T, IMPT, and RIA, that you could add to your portfolio.
Bitcoin Price Analysis
Considering the movement of the Bitcoin price chart per hour, a breakout from the ascending triangle shows that BTC is slowly recovering, following its initial rejection at close to $9,000.
BTC/USD is now trading just below the $8,700 price level. This consolidation implies that there will have to be a push above the breakdown level before the bulls’ response can be confirmed.
MAC-D has supported the possibility of this being the situation as it crossed its signal line. That further suggests that price momentum may have favored the bulls.
In addition, the sharp rejection by the RSI from the oversold region implies that the bulls may still be looking to buy the dip.
As for the daily Bitcoin chart, there’s more emphasis on BTC breaking through and finding support at resistant points during the market’s bearish state.
As bulls consistently break through prior resistance with momentum, many bulls will be left bemused by those still following the bearish trend. The next point to consider is the psychological level of $10k, which many traders have doubted the possibility of.
While in the $8,000 range, the breakout from the consolidation implies that a section of the bullish ascending triangle will be around $11.5k; beyond the $10k barrier, many are looking towards resistance.
Bitcoin’s weekly chart provides a slightly different picture, with the parabolic advance looking less steep than on lower time frames. However, the MAC-D continues to increase with impressive strength, printing higher highs for an unprecedented 16 out of 17 weeks this year.
Bitcoin Price Tank at $10k: Is There Still Fuel in the Tank?
As the bitcoin price continues to move upward with its current momentum, there’s a need to ask whether they’ll be significant short interest.
It’s important to ask because there hasn’t been any success for bears thus far in the crypto market. However, according to Bitfinex analysis, we can see a story to be told from the Fibonacci retracement levels from the highs of 2017 to the lows of 2018.
Bifinex left at the initial phase of the bear market at around the $11.5k to $13.5k level. From there, huge short interests piled up, taking the shorts from lows of 9.5k BTC to find a low of 17k BTC, a low point that hasn’t been broken.
With BTC’s price increase on a macro level, shorts are either facing serious pressure to close in profit or underwater. Also, there are over potential shorts to be resolved.
In addition, expert traders and institutions are looking to auto-enter the market on 61.8% retracement levels, which is at $13.6k. The 50% Fibonacci level is the current target for the previously mentioned flag in this review.
Hence, despite the increasing long-to-short ratio and pressure on funding, there may still be fuel in the tank for the BTC price to increase.
However, bulls will have to note that there are CME gaps below. Most of all, euphoria usually leads to disappointment, so there’s a need to apply caution.
Alternative Coins to Invest in
Considering the current price movement of Bitcoin, it’s necessary to move on to investing in other altcoins for better returns. Holding onto a coin that’s gradually losing out on the market cap is detrimental to a trader’s growth. Here’s a list of the three best coins with good ROIs:
Dash 2 Trade – Best Crypto to Buy Now with Informed Trading Data
D2T is currently the best cryptocurrency with on-chain analysis. It doesn’t just have a successful presale but uses a wide range of data and analytics to help traders and investors make more informed decisions and maximize profits.
Dash 2 Trade will have nine presale phases, with 700 million tokens for sale. Currently, phase one is up with one token priced at $0.0476. Tokens that will be sold in phase 9 will cost $0.0662 each.
This crypto ecosystem is powered by the D2T token, an ERC-20 coin. The token grants its holders access to different parts of the ecosystem, with the dashboard having three tiers (free, starter, premium) with unique features.
IMPT – Best ESG-Friendly Crypto to Buy in 2022
IMPT is a unique crypto project on Reddit that allows users to obtain carbon credits through purchases from the marketplace or direct acquisition while shopping. This concept enables big companies and individuals to contribute to the campaign against the global climate crisis.
In addition, the marketplace allows users to buy carbon credits directly. Users can choose from several environmental initiatives that have already been vetted on the IMPT platform. Then, they can either sell, retire, or keep their carbon credits as investments.
Users who retire their carbon credits are duly compensated. In addition, after using their carbon credits, they can acquire any NFT collectible made by artists.
Calvaria (RIA) – Best Crypto with the Highest P2E Potential
Calvaria is a crypto project aiming to speed up crypto’s mass adoption through a play-to-earn battle card game. Our project’s mission is to create the first effective ambassador between crypto and the “real world.”
This development will be achieved by creating an accessible and fun game on mobile app stores and PCs. This game will be able to compete within the Web.2 gaming market. The games will come in two versions.
Bitcoin remains a strong competitor in the blockchain industry. However, its future isn’t clear yet. Other digital tokens like Dash 2 Trade and IMPT come standard with better technology and other exciting advantages.