Bitcoin Price Prediction as BTC Falls Below $18,000 – How Low Can it Go?
The prediction for the price of Bitcoin has become bearish, as BTC has fallen below an upward channel. If BTC closes outside of this channel, it is likely to drop to $16,775. Despite a worse-than-expected US Flash Services PMI on Friday, the US session saw further selling in BTC as the market appears to be anticipating rate hikes from the Federal Reserve and the European Central Bank.
According to the Labor Department's report released on November 15, the cost of wholesale products, excluding food and energy, has decreased. The trend could be attributed to improved supply chains and slowed demand as a result of higher borrowing rates. It supports economists' claims that commodity prices have begun to fall.
The producer price index (PPI) also indicated a slowing in inflation. The 0.6% increase in the cost of final-demand items was reportedly responsible for the increase in PPI excluding food, energy, and trade services. In October, the PPI increased by 0.2%, less than the 0.4% consensus estimate, and annual prices fell from 8.4% to 8.0%.
Towards the end of 2022, the headline Flash US PMI Composite Output Index showed 44.6, down from 46.4 in November, signaling the joint-fastest fall in business activity in over two and a half years. The recession was the joint-sharpest since 2009, excluding the first epidemic period.
The crypto market appears to be ignoring worse-than-expected economic events and continues to fall in response to Fed and ECB rate hike decisions.
The United States Securities and Exchange Commission (SEC) has extended the deadline for deciding whether shares of ARK 21Shares' Bitcoin exchange-traded fund should be listed on the Chicago Board Options Exchange BZX Exchange.
It postponed the decision on whether to
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