Bitcoin Price Prediction as BTC Falls Below Key Support, Here are the Levels to Keep an Eye on
During the European session, the Bitcoin price prediction hasn't changed much today, as BTC continues to trade above the major support level of $16,550. Given the bullish technical indicators, the market is waiting for a key on-chain signal before launching into a classic bull market.
On December 17th, the developer of the Puell Multiple tweeted that he believes the current BTC price decline is nearing its end. However, not everyone is pessimistic about Bitcoin's future, even though many are predicting new BTC/USD lows of $12,000 or less this cycle.
Two key on-chain occurrences, according to Puell, are already present and will be crucial for the BTC price to rebound.
Despite the fact that 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.
Puell thinks that a boost in network activity across the board is all that's missing.
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 counts of fraud and money laundering. Due
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