Bitcoin Price Prediction as ARK Invest’s Cathie Wood Praises BTC Despite Bear Market – Here’s Where BTC is Targeting Now

Following the bearish breakout of the upward channel on December 12, the Bitcoin worth prediction turned bearish. It was supporting Bitcoin close to the $17,000 degree, and now, following a bearish breakout, Bitcoin worth is weak to the $16,750 degree.

Ark Invest’s CEO Cathie Wood lately tweeted her admiration for Bitcoin’s resiliency, noting that the flagship cryptocurrency “did not skip a beat” amid a latest disaster.

She goes on to say that Bitcoin’s “transparency” and “decentralization” are the explanation why disgraced FTX founder Sam Bankman-Fried did not look after it. He was helpless, the well-known investor stated.

The newest tweet from Wood is in response to Ark Invest, the funding administration agency she runs.

This week, the market’s consideration is centered on the high-impact financial occasions popping out of the United States. Let us have a look.

Upcoming FOMC on the Docket

Market members are involved concerning the subsequent Federal Open Market Committee (FOMC) assembly and coverage discussions on December 13. The above is on account of Bitcoin’s worth nonetheless having a powerful correlation with shares. As a results of the market’s response to the information, the upcoming CPI reporting occasion might end in elevated volatility for BTC/USD.

The US Federal Reserve will elevate rates of interest on December 13. It follows a sequence of 75 foundation level rate of interest will increase all year long. The rate of interest hike scheduled for tomorrow is anticipated to be smaller than up to now.

Because the US Federal Reserve Chair has indicated that the Fed will cut back the speed hike in December, the market is anticipating a decrease rate of interest enhance. If the information of tomorrow’s rate of interest rise is lower than those who got here earlier than it, the crypto market may even see a aid rally.

If the rate of interest rise is 50 foundation factors or much less, the worldwide monetary and cryptocurrency markets will expertise a small to reasonable aid rally. However, if rates of interest rise by greater than 50 foundation factors, all costs will fall considerably extra. The launch of the inflation charges will even have an effect on the value of BTC/USD.

Bitcoin Smart Contract Functionality

The non-profit DFINITY Foundation created the Internet Computer (IC), the primary web-speed, internet-scale public blockchain. The IC’s mainnet introduced the combination with Bitcoin, bringing cutting-edge good contract performance to the world’s main cryptocurrency.

The Internet Computer can now act as a Bitcoin Layer 2 by permitting good contracts to carry, switch, and obtain bitcoin with out the usage of blockchain bridges or different intermediaries. It gives a safe basis for varied DeFi and Web3 apps that need to code Bitcoin.

The integration of the Internet Computer with Bitcoin additionally gives threshold ECDSA bridges, a safer different to centralized bridges (Elliptic Curve Digital Signature Algorithm). 

The ECDSA resolution permits Internet Computer’s canister good contracts to conduct Bitcoin transactions with out the necessity for an middleman or bridge. It permits IC builders to write down native Bitcoin code and gives a trustless basis for Bitcoin-based DeFi functions.

The integration advantages BTC/USD as a result of the value elevated following the announcement.

Sank Bitcoin as ‘Everyone Who Could Go Bankrupt Has Gone Bankrupt’ 

Arthur Hayes, the previous CEO of crypto derivatives platform BitMEX, believes the worst is over for Bitcoin this cycle. It’s as a result of the “largest, most irresponsible entities” have exhausted their BTC provide.

On December 11, podcaster and cryptocurrency proponent Scott Melker acknowledged, “trying ahead, just about everybody who might go bankrupt has gone bankrupt.”

Hayes clarifies his place by stating that as a result of BTC is the “reserve asset of crypto” and the “most pristine asset and essentially the most liquid,” centralized lending firms (CELs) steadily name in loans earlier than promoting them when they’re experiencing monetary difficulties.

In a weblog put up revealed on December 10, Hayes made the same argument. He acknowledged that as a result of credit score disaster, large bodily bitcoin gross sales are nonetheless happening on exchanges, with buying and selling companies and CELs trying to keep away from insolvency and liquidating their holdings.

He believes that the Fed will activate the printer financial institution, inflicting the BTC/USD and all different dangerous belongings to rise.

Let us now take a look at Bitcoin’s technical features.

Bitcoin Price 

Bitcoin’s current price is $17,035, and the 24-hour buying and selling quantity is $19 billion. The BTC worth has misplaced over 0.50% since yesterday.

Bitcoin Price & Tokenomics – Source: coinmarketcap

On the technical entrance, Bitcoin has damaged by way of an upward channel at $17,000, and candle closings beneath this degree counsel that the promoting development might proceed.

On the draw back, BTC might fall till it reaches the following help space of $16,750, and beneath that, the following help is at $16,365.

Bitcoin Price Chart – Source: Tradingview

A bearish crossover beneath the 50-day easy shifting common (SMA) reinforces the bearish bias, suggesting that BTC might transfer towards $16,750.

Dash 2 Trade (D2T) – Presale within the remaining stage

Dash 2 Trade is a buying and selling intelligence platform based mostly on Ethereum that gives traders with real-time analytics and social buying and selling knowledge to assist them make higher buying and selling selections. It will go stay in early 2023, and its D2T token shall be used to pay month-to-month platform subscription charges (there are two subscription tiers).

The presale for Dash 2 Trade, which is now in its fourth and remaining stage, has already raised greater than $9.5 million. It has additionally introduced listings on Uniswap, BitMart, and LBANK Exchange for early subsequent 12 months, implying that early traders will quickly be capable to lock in some earnings.

Visit Dash 2 Trade Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews

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About the Author: Daniel