Bitcoin price prediction remains neutral to slightly bullish as technical indicators point to investor indecisiveness. The BTC/USD pair is trading in a tight range of $19,210 to $19,000.
The cryptocurrency market is devoid of volatility and investors appear to be waiting for a solid fundamental reason to trigger breakouts.
BTC sideways range – Source: Tradingview
Let’s start with the news highlights and then I will go through the technical outlook to determine the price prediction.
War Fueled Crypto Activity in Russia and Ukraine
As the conflict between Russia and Ukraine intensifies, the volume and intensity of cryptocurrency activity is also intensifying.
New York-based blockchain analytics firm Chainalysis released a report on the rapidly increasing use of crypto, the vast majority of which is of illicit origin, in Eastern Europe as a preview of its forthcoming Cryptocurrency Geography 2022 report.
Residents of both countries began significantly more activity shortly after Russia invaded Ukraine in February. Economic conditions deteriorated during the height of the conflict, leading to stifling price hikes.
Chainalysis found that people in Russia suffering from the economic sanctions imposed by many countries as a form of criticism of the invasion were more likely to own stablecoins than any other type of digital asset.
According to the research organization, Russia’s volume of stablecoin transactions surged from 42% in January to 67% in March. Overall, crypto activity in the country has increased since then.
Elliptic, a blockchain analytics firm, found that the country received $63 million in Bitcoin and other cryptocurrency donations in the two weeks following the invasion. According to a story published by the Financial Times in 2022, cryptographic aid to Ukraine has already passed the $100 million mark.
Long story short, there has been an increased acceptance of bitcoin and altcoins lately, which is likely to have a positive impact on the bitcoin price.
Stronger US dollar keeps BTC lower
One of the reasons for a slowdown in bitcoin’s bullish momentum could be related to a stronger US dollar. A day earlier, the University of Michigan had reported consumer sentiment numbers showing a significant improvement. Consumer sentiment rose to 59.8 in October 2022, the highest in six months, from 58.6 in the previous month and ahead of the market forecast of 59.
Also, the Commerce Department on Friday reported that sales were flat in September, after an upwardly revised 0.4% increase in August. A correction was made to August sales numbers, bringing growth down to 0.7%.
Despite the fact that the data is flat, the market is bullish and will encourage the Federal Reserve to hike interest rates by 0.75 percentage point at its November monetary policy meeting.
Bitcoin Price Prediction – Will BTC Surge 20%?
The current bitcoin price is $19,168 and the 24-hour trading volume is $28 billion. Bitcoin is down over 2% in the last 24 hours. CoinMarketCap now ranks first with a live market cap of $367 billion.
Bitcoin Price & Tokenomics – Source: Tradingview
Bitcoin has found immediate support near $19,135 and has also crossed below the 50-day moving average, indicating a bearish trend. A break below $19,135 could see BTC drop to previous triple bottom support near $18,709, while another break could see BTC fall to $18,246.
Bitcoin price chart – Source: Tradingview
On the upside, resistance is still near $19,958. If the price falls below $19,135, investors are likely to consider selling. On the other hand, a bullish breakout from $19,960 and $20,458 has the potential to fuel a price uptrend of up to 20%.
New Crypto Presales
One way to combat the declining cryptocurrency market and extreme volatility is to invest in a new token presale.
We’ve been keeping an eye on the IMPT token presale, a new cryptocurrency that recently raised over $4.6 million in a seed round.
Visit the IMPT website
Find the best price to buy/sell cryptocurrency
Cryptocurrency Price Tracker – Source: crypto news
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