Bitcoin Price Prediction As BTC Bounces From Recent Crash – How High Can BTC Go?

by James · November 12, 2022

Bitcoin has fallen 2.7% over the past 24 hours, trading at $16,842 at the time of writing. BTC has had one of the toughest weeks of 2022, falling 20% in the last seven days.

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Bitcoin price analysis

After an impressive rally on Thursday, which saw Bitcoin recover above $17,000, the token has pulled back again and is currently holding support at $16,800. The broader market has also been trading in the red over the past 24 hours, and the total market cap is back below 900 billion dollars.

Yesterday, BTC’s rally saw it aim at the $18K levels, but it was rejected. If the current bearish sentiment continues, BTC’s fall is likely to continue to $16,000 before the next support at $15,632 is hit.

Prices have consolidated around 416,000 in the last day and buyers may start buying dips as volatility shows signs of easing. In this case, BTC will bounce back above $18,000 and possibly test $21K again.

The Relative Strength Index (RSI) for Bitcoin currently stands at 57, indicating the possibility of a trend reversal. The price chart shows a small price rally and if it extends, BTC can probably reach the psychological levels of $21K.

The FTX problems go deeper

Yesterday, FTX filed for bankruptcy, and Sam Bankman-Fried resigned as managing director of the exchange. The bankruptcy filing included FTX, FTX US, Alameda and about 130 other affiliated companies.

Following the filing of bankruptcy, the FTX exchange is said to have been exposed to a hack in which more than 600 million dollars in customer funds were transferred from the exchange. The exchange has since transferred all FTX balances to a cold wallet as a safety measure.

Three altcoins to buy today

The broader cryptocurrency market remains bearish amid the BTC price drop. Investors are now looking for the best cryptos to invest in for significant returns, and three presale coins are gathering interest.

The Dash 2 Trade pre-sale started three weeks ago and has already raised more than $5.9 million. The pre-sale is in the third stage, where 1 D2T is 0.0513 USDT. The price will increase in the coming stages, so that early investors can reap big. D2T operates an Ethereum-based crypto signal platform. The token has also secured a listing on the LBank and BitMart exchanges.

RobotEra is a new metaverse project that aims to create a metaverse where everyone can participate in several activities, such as sports, concerts and other competitive events. The TARO pre-sale started a few days ago and is currently in its first phase. The price ladder will see TARO’s price increase at each pre-sale stage.

Calvaria is a blockchain gaming project with the potential to dominate the sector. The project is focused on increasing adoption, resulting in investors seeing the huge potential in the space. RIA’s presale has raised more than $1.6 million. After the pre-sale ends, RIA has confirmed a listing on the KuCoin exchange.