Will the historical trend of Bitcoin repeat itself?
According to Iran Economist, quoted by Crypto, Caleb Franzen, the senior analyst of the cryptocurrency market, has shared his opinion on the direction of Bitcoin on Twitter. According to him, the price of the flagship digital currency is decreasing towards $14,000 and may even decrease.
Franzen, who used to work as an analyst in the banking industry before switching to cryptocurrency analysis, shared a chart of Bitcoin in which he plots an area based on Bitcoin’s previous low where he thinks Bitcoin is currently moving. has highlighted
He wrote that this will act as a magnet for Bitcoin, meaning that the target of $11,400 to $13,900 is the leading digital currency.
The analyst explained that this target is the level at which the price of Bitcoin closed during December 2017, which was the peak of its time cycle. In addition, the same level in 2019 served as resistance at exactly $13,900, which makes him confident that Bitcoin is likely to reach that goal. However, he admits that this could happen and that the prediction is not certain.
This flagship digital currency will be traded in the range of $16,800 from December 14. That day, the US Federal Reserve announced another rate hike, this time by 50 basis points, which was in line with analysts’ expectations.
The Federal Reserve also announced that it is determined to continue raising interest rates next year, which is driving down the value of stocks and cryptocurrencies. According to data shared by CoinMarketCap, Bitcoin fell from a high of $18,244 on the day and is now trading at $16,848.
Mike McGlone, Chief Commodity Strategist at Bloomberg Intelligence, believes Bitcoin is poised to resume outperforming other assets once the Federal Reserve returns to its monetary easing and halts rate hikes.
The total value of the global digital currency market is currently estimated at 810.79 billion dollars, which is 0.11% lower than the previous day. Currently, 39.95% of the total digital currency market is owned by Bitcoin, which has increased by 0.02% in one day.
The total volume of the digital currency market in the last 24 hours is 16.19 billion dollars, which has decreased by 35.23%. The total volume in decentralized finance is currently $1.10 billion, which is 6.80% of the total 24-hour cryptocurrency market volume. The volume of all stablecoins is now $14.39 billion, which is 88.87% of the total 24-hour cryptocurrency market volume.
Digital currency price update (up to 08:39 EST)
This category contains the price changes of the 10 largest digital currencies in terms of market capitalization.
1- Bitcoin
Price: 16,833.18 dollars
Price changes in the last 24 hours: 0.04% decrease
Price changes in the last week: 0.05% decrease
2- Ethereum
Price: $1,220.15
Price changes in the last 24 hours: 0.14% decrease
Price changes in the last week: 0.11% increase
3- Tether
Price: $0.9999
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.00% increase
4- USD coin
Price: $0.9999
Price changes in the last 24 hours: 0.00% increase
Price changes in the last week: 0.01 percent decrease
5- Binance Coin
Price: $245.12
Price changes in the last 24 hours: 0.12% decrease
Price changes in the last week: 0.23% decrease
6- Ripple
Price: $0.3494
Price changes in the last 24 hours: 0.13% decrease
Price changes in the last week decreased by 1.12%
7- Cardano
Price: $0.2593
Price changes in the last 24 hours: 0.01% increase
Price changes in the last week: 0.22% decrease
8 – Dogecoin
Price: $0.07723
Price changes in the last 24 hours: 0.04% decrease
Price changes in the last week: 0.15% decrease
9- Polka dot
Price: $4.45
Price changes in the last 24 hours: 0.14% decrease
Price changes in the last week: 0.81% decrease
10- Solana
Price: $11.45
Price changes in the last 24 hours: 0.10% decrease
Price changes in the last week: 2.59% decrease