Bitcoin Price Prediction as BTC Bounces From Recent Crash – How High Can BTC Go?
Bitcoin has dropped 2.7% in the last 24 hours, trading at $16,842 at the time of writing. BTC has had one of the roughest weeks of 2022, dropping 20% in the last seven days.
After an impressive rally on Thursday, where Bitcoin recovered past $17K, the token has retreated again, and it is currently holding support at $16,800. The broader market has also traded in the red over the past day, and the total market capitalization is back below $900 billion.
Yesterday, BTC’s rally saw it aim for the $18K levels, but it was rejected. If the current bearish sentiment continues, BTC’s drop will likely continue to $16,000 before the next support of $15,632 is hit.
The prices have consolidated at around 416K over the past day, and buyers might start buying the dip as the 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 slight price recovery, and if it extends, BTC could likely hit the $21K psychological levels.
Yesterday, FTX filed for bankruptcy, and Sam Bankman-Fried resigned as the CEO of the exchange. The bankruptcy filing included FTX, FTX US, Alameda, and around 130 other affiliated companies.
After the bankruptcy filing, the FTX exchange reportedly suffered a hack where more than $600 million worth of customer funds were transferred from the exchange. The exchange has since transferred all FTX balances to cold wallet storage as a precautionary measure.
The broader cryptocurrency market is still bearish amid the BTC price drop. Investors are now looking for the best cryptos to invest in for significant returns, and three presale
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