Bitcoin Price Prediction as Crypto Prices Crash, Here’s Where BTC is Headed Next

During the European session, Bitcoin finally rose after bouncing off the double bottom support level at $15,650. Genesis Global Capital, one of the largest cryptocurrency lenders, has suspended customer withdrawals due to liquidity problems caused by an increase in withdrawal requests after the collapse of FTX.

Following the demise of FTX, Genesis announced on November 16th that he would be temporarily suspending withdrawals due to "unprecedented market turmoil."

Bitcoin Price Prediction as Crypto Prices Crash

On November 10th, the company publicly announced that it had locked approximately $175 million worth of funds in its FTX trading account. Struggling cryptocurrency investment bank is in talks with potential investors to raise another $1 billion. are reportedly discussing the possibility of

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On November 21, The Wall Street Journal reported that Genesis had approached Apollo Global Management and Binance for financing. However, Binance rejected it due to a potential conflict of interest. While looking for new funds, Genesis Global Trading cited bankruptcy as a possible option.

On Nov. 21, Genesis said it "has no plans" to file for bankruptcy anytime soon and will try to find an "agreed" solution. The news sent the BTC/USD exchange rate to its lowest level in two years.

Lack of Trust in Exchanges Triggers FUd

The recent Bitcoin decline surprised most market participants because the dust had settled following the FTX crisis. Despite Santiment's explanation, the first cryptocurrency is still struggling to hold on to its value.

Santiment, an analytical firm, tweeted about the declining value of BTC/USD on November 21. According to the research firm, FUD caused the drop to $15,800 for the first time in two years due to the growing fear of centralized exchanges following the FTX crisis.

The incident could have also had an impact on Bitcoin address activity, which had reached a six-month high. Furthermore, according to Santiment, Bitcoin reached the benchmark over the weekend. 

On November 20, 1.1 million BTC addresses were active on a daily basis, according to data analysis. It suggested that the currency was distributed to numerous addresses.

Furthermore, it appeared that many investors profited by transferring assets away from centralized exchanges. It was due to the fact that supply outside of exchanges outweighed inflows into exchanges. Furthermore, the reported exchange influx has decreased in recent days. 

On November 17, the most recent increase per inflow was 253,000. It suggested that, despite little selling pressure, investors remained skeptical of CEXes.

El Salvador's Bitcoin Adoption "not Very Sustainable"

Vitalik Buterin, the creator of Ethereum, has questioned the Bitcoin community's enthusiasm for El Salvador and its president, Nayib Bukele, claiming that they have overlooked the fact that Bukele's administration is "not very democratic."

According to Ethereum co-founder Vitalik Buterin, 

El Salvador was the first country to make Bitcoin legal tender, requiring businesses to accept the largest cryptocurrency as payment.

The action sparked widespread resentment among citizens and businesses. The adoption of El Salvador's Bitcoin law coincided with the cryptocurrency Bull Run, during which the price of Bitcoin reached a high of more than $69,000.

The cryptocurrency market has now collapsed, with Bitcoin losing more than 76% of its value since its peak.

Buterin stated that the Bitcoin adoption model in El Salvador was built on the assumption that prices would rise, but because Bitcoin's price fell, "it now looks just terrible, and not many people are using it."

Bitcoin Price 

The current Bitcoin price is $16,156, and the 24-hour trading volume is $33 billion. Bitcoin has gained by over 2% in the last 24 hours. 

CoinMarketCap now ranks first, with a live market cap of $310 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,213,406 BTC coins.

Bitcoin Price & Tokenomics - Source: coinmarketcap

The BTC/USD pair began trading at $15,766 on November 22, reaching a high price of $16,281 and a low price of $15,616. Near the $15,850 level, Bitcoin is gaining immediate technical support. Candles closing above this level indicate the possibility of a bullish reversal.

A tweezer's bottom pattern above $15,850 suggests the possibility of a bullish reversal. As a result, increased buying pressure may propel an uptrend to the $16,500 and $17,180 resistance levels.

If the $17,180 level is broken again, there may be more room for buying until the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.

Bitcoin Price Chart - Source: Tradingview

The RSI and MACD indicators are still indicating a sell trend below $16,500, and the 50-day moving average is also indicating a sell trend. As a result, a bearish breakout below a triple bottom pattern may expose the BTC price to the $14,475 range.

Today, keep an eye on $15,850 as it is likely to act as a pivot point for Bitcoin.

Presale Cryptocurrency With Enormous Potential Gains

Dash 2 Trade (D2T)

Dash 2 Trade, created by the Learn 2 Trade service, provides investors with market-driven insights, trading signals, and prediction services. The cryptocurrency initiative promises to provide consumers with enough information to make sound decisions.

D2T is an Ethereum-based trading intelligence platform that provides traders of all skill levels with real-time analytics and social data, allowing them to make more informed decisions.

D2T began selling tokens three weeks ago and has raised more than $6.8 million. It also announced the beginning of its first CEX listing on LBank market. The current value of 1 D2T is 0.0513 USDT, but this is expected to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.