Bitcoin Price Prediction As Tether Fears Uncertainty And Doubt Sends BTC To $22,000 Levels – Where Is BTC Heading Now?

Bitcoin’s price has been very volatile over the past few days due to uncertainty surrounding Tether, the world’s largest stablecoin. Tether has faced legal issues that have created fear, uncertainty and doubt in the cryptocurrency market, causing BTC to fall to the $22,000 level.

Meanwhile, several well-known cryptocurrencies, including Litecoin (LTC) and Dogecoin (DOGE), have also experienced slight price declines.

The recent decline in the crypto market could be attributed to the release of US manufacturing numbers and concerns about the accessibility of banking services for crypto companies in the US.

In this article, we will examine the current state of the cryptocurrency market and make a bitcoin price prediction for the coming days.

Silvergate uncertainty, weakening crypto

After the market closed on Wednesday, Silvergate filed a report with the Securities and Exchange Commission (SEC) and announced a delay in filing its annual report as it assesses the impact of several events on its operations.

As a result, the value of cryptocurrencies, including bitcoin, has fallen sharply and is showing mixed signals. It is worth noting that the Silvergate event had a significant impact on the value of cryptocurrencies.

Notably, Silvergate Capital (SI) announced on Wednesday night that it would delay the filing of its annual report due to losses from November’s FTX crash and multiple regulatory investigations.

Consequently, this adversely affected market sentiment, causing investors and traders to lose confidence in the stability and security of the crypto industry, which could lead to a widespread sell-off in the market.

Additionally, the backlash Silvergate Capital has faced has resulted in increased regulatory scrutiny of the cryptocurrency industry, making authorities more reluctant to issue licenses to crypto-related companies. This could potentially limit the growth and expansion of the industry.

Risk aversion in the bitcoin market

The global cryptocurrency market is poised to end the week on a bearish note due to a number of factors. The release of robust US economic data has sparked speculation that the Federal Reserve may take more aggressive action to combat persistent inflation by raising interest rates.

Investors and traders are closely watching economic indicators to prepare for possible rate hikes and inflation. With the economy doing well and inflationary pressures still lingering, it is likely that the Federal Reserve will hike interest rates to higher levels than late last year.

bitcoin price

Bitcoin is currently priced at $22,357 with a 24-hour trading volume of $18.5 billion, down 0.25% over the past 24 hours. Similarly, Ethereum is trading at $1,570 with a 24-hour trading volume of $6.7 billion and is down 0.15% in the last 24 hours.

According to technical analysis, the BTC/USD pair could break the symmetrical triangle pattern at the $23,250 level. In such a scenario, BTC price could be exposed to the $22,046 support zone. Another breakdown below this support zone could see BTC fall to $21,450.

Bitcoin price chart – Source: Tradingview

Moreover, the presence of a bearish engulfing candle indicates a strong sell bias. However, if the candles close above this level, there may be a bullish rebound targeting $22,800 or higher towards the $23,750 level.

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Bitcoin alternatives

Investors interested in buying Bitcoin may want to explore alternative options that offer greater potential for near-term growth.

Cryptonews has done a comprehensive analysis of the top 15 cryptocurrencies for investors to consider for 2023. Click the link below to find out more.

Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.

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Cryptocurrency Price Tracker – Source: cryptonew

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