BTC price, predictions and updates
Bitcoin has been moving at a snail’s pace this week, barely jumping ahead in price from Monday to Friday. The leading crypto has traded sideways and remained quiet at $19,000 levels. BTC’s volatility is razor thin and leaves no room for day traders to decide when to withdraw their holdings and book profits. The King Crypt has not gone above $20,000 this week and came close to $19,850 levels before pulling back.
Also Read: Why Does Bitcoin Even Exist? Explained!
Bitcoin Latest News and Updates Today
For the first time since March 2020, Bitcoin is now less volatile than the benchmark S&P 500. The ever-volatile crypto is now below S&P 500 levels due to the tight trading range. If the development continues, BTC could lose its title as a “risky and volatile” resource for which it is known.
Also, $510 million worth of BTC options are set to expire on Friday. Read here for in-depth and complete details on how BTC could play out during the option’s expiration today.
In addition, Whale map shared a transaction showing a dormant wallet coming to life after four years. The wallet moved a staggering 32,000 BTC and sold it for $612 million. You can read more details about the sleeping wallet here.
The Dow Jones climbed from 29,000 to 30,500 points this month, but BTC failed to catch up on its brief rally. BTC usually moves in step with the stock market, but this time it failed to keep up. The ongoing bear markets have hampered Bitcoin’s growth, causing it to hit recent lows.
Also Read: Bitcoin Mining Will Shut Down Globally If BTC Falls To $12,000?
BTC Prediction
Bitcoin is on a slippery slope and has more chances to go south than north in Q4 of 2022. The global economy is in bad shape with rising inflation spread across Europe, the US and Asia. US GDP has been negative for three consecutive quarters, showing signs of a technical recession. In addition, the financial markets are preparing for an upcoming recession in 2023.
Several analysts have predicted that BTC could face corrections and fall another 50% from current levels. Cryptanalyst Aaron Arnold compared BTCs presenting performance to the 2018 crash and predicted that it could eventually fall to $10,000.
At press time, Bitcoin was trading at $19,054 and is down 0.5% in 24-hour trading. The leading crypto is also down 72.3% from its all-time high of $69,044, which it reached in November 2021.
