The Bitcoin price forecast hasn’t altered much throughout the European session because BTC is still trading above the important support level of $16,550. The market is awaiting a crucial on-chain signal in order to enter a traditional bull market, according to the positive technical indicators.
The Pull Multiple’s creators tweeted on December 17 that he thought the recent BTC price fall was about to come to a stop. Even while many forecast fresh BTC/USD lows of $12,000 or less this cycle, not everyone is pessimistic about Bitcoin’s future.
According to Pull, there are already two significant on-chain events that are necessary for the BTC price to recover.
Even though Bitcoin has dropped by almost 70% from its all-time high, many long-term holders (LTHs) are still holding on to their coins. Short-term “speculators” have also been hit hard by the current price decline.
Pull thinks that a boost in network activity across the board is all that’s missing.
Mazars Group to Halts Work With All Crypto Firms
Mazars Group, an accounting firm, has temporarily stopped serving cryptocurrency customers. Immediately after the international accounting company published “proof of reserve” reports for many cryptocurrency exchanges, Binance, KuCoin, and Crypto.com decided to break ties.
The move comes as big cryptocurrency exchanges try to establish their financial stability and demonstrate they can meet withdrawal demands without going bankrupt.
Binance and Crypto.com’s respective chief executive officers have made efforts to set their companies apart from FTX, which has been accused of misusing consumer funds for years before to filing for bankruptcy.
Sam Bankman-Fried, who started the company, has been charged with numerous fraud and money laundering counts. Due to concerns over the accuracy of the Trump Organization’s financial records, Mazars cut ties with the company in February.
The Mazars Group said in a statement to CNBC that it had “paused its work connected to the issuance of Proof of Reserves Reports for enterprises in the cryptocurrency sector” due to “concerns over the way the public understands these reports.”
This increases bearish pressure on the cryptocurrency market and keeps BTC bearish.
Bitcoin Price Prediction
Bitcoin’s current price is $16,730, and the 24-hour trading volume is $22 billion. Bitcoin’s price has dropped nearly 1.5% since yesterday.
On Saturday, the BTC/USD pair is expected to find immediate support near $16,560. Because the RSI and MACD indicators are in the oversold zone, BTC prices could soar to the 23.6% Fibonacci retracement level of $17,000.
Further up, the BTC/USD pair is likely to encounter new resistance at $17,250, a level that has been extended by the 38.2% Fibonacci retracement point and the 50-day simple moving average.
On the other hand, a break below $16,570 could expose BTC to $16,150.
Alternative Coins with High Profitability
Given the current risk-off sentiment in the cryptocurrency market, a few coins are making headlines. Let’s check them out!
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness app and gym chain aimed at bringing the fitness lifestyle to web3, has launched its pre-sale, and investors believe the project can transform the existing web3 M2E landscape.
While existing M2E apps such as StepN only track steps and require expensive non-fungible token (NFT) buy-ins to participate, FightOut takes a more comprehensive approach to tracking and rewarding its users for their exercise and activity and does not require any expensive buy-ins.
FightOut’s FGHT tokens are currently selling for 60.06 USDT per 1 USDT, and interested investors should act quickly to secure their tokens, as the pre-sale raised over $2.8 million in just a few days. The FGHT token will power the FightOut crypto ecosystem.
Visit FightOut Now
Dash 2 Trade (D2T) – Presale Enters Final Stage
Dash 2 Trade is a promising crypto trading platform startup for anyone wishing to invest in. The up-and-coming analytics and social trading platform are intended to take the crypto trading sector by storm with its unique features.
Among the features are trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and a strategy back-testing tool. The D2T token will fuel the Dash 2 Trade ecosystem, which users must purchase and hold to enjoy the platform’s services.
Dash 2 Trade is now hosting a token pre-sale at drastically reduced pricing, with sales recently exceeding $10 million. The pre-sale dashboard will go live on Friday, and the development team is already ahead of schedule. Tokens are available for purchase for $0.0533 per token and will be listed on numerous centralized exchanges within the next month.
Visit Dash 2 Trade here
Calvaria (RIA) – Final Presale Stage Now
RIA, a new play-to-earn battle card crypto game, may be a possibility. Calvaria’s goal is to enhance crypto acceptance by creating a bridge between the real world and crypto in the form of a fun and easy-to-play crypto game. Investors may explore Calvaria’s RIA token pre-sale.
Calvaria has now received $2.47 million and is reaching the finish of its fundraising campaign, with only 20% of tokens remaining.
Visit Calvaria Now
Find The Best Price to Buy/Sell Cryptocurrency
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