Bitcoin Price and Ethereum Prediction – BTC Could Target $20,000 If Breaks Above This Level
Major cryptocurrencies were trading slightly higher early on October 23, with the global crypto market cap at $923 billion, up more than 0.5% from the previous day. In the last 24 hours, the total cryptocurrency market volume was $32 billion, a 39% increase.
The leading cryptocurrency, Bitcoin, is consolidating near $19,216, having gained less than 1% during the Asian session. BTC has formed a symmetrical triangle pattern, and a breakout of this triangle will determine the price action moving forward. Ethereum, on the other hand, is on the rise, having risen more than 1% to trade at $1,313.
Top Altcoin Gainers and Losers
The top performers in the Asian session were Bitcoin Gold (BTG), Aptos (APT), and Huobi Token (HT). Bitcoin Gold (BTG) has gained over 11% to $18.35, while the price of APT has risen by over 29% to $9.59. Moreover, the Huobi Token price rose over 11% to $8.70.
The Chain (XCN) price has fallen by more than 5% in the last 24 hours to $0.058. The price of Maker (MKR) has dropped more than 3% to around $990.
Fear & Greed Index Signals Extreme Fear
Investors continue to avoid taking any chances and are instead buying gold and the US dollar. One possible explanation for the recent market lull in cryptocurrencies is that the market’s fear and greed index is currently reading “Extreme Fear.”
Because many cryptocurrencies are oversold right now, “Extreme Fear” is seen as a good time to enter the market and go long on an oversold coin. Perhaps that’s one of the reasons behind the uptrend in Bitcoin and Ethereum.
BTC Is Now Less Volatile Than S&P 500 and Nasdaq
As reported by cryptocurrency analytics source Kaiko, Bitcoin’s volatility has decreased below that of the S&P 500 and Nasdaq. Cryptocurrency markets, the business argued, have grown less sensitive to risky macro events, including high inflation, an appreciating dollar, rising interest rates, prolonged war, and the energy crisis.
The data suggests that cryptocurrency markets are less reactive to volatile macro events than earlier in the year, whereas equity markets have remained highly sensitive.
In an interview, Clara Medalie, chief of research at Kaiko, said:
Bitcoin volatility is at multi-year lows while equity volatility is only at its lowest level since July.The data suggests that cryptocurrency markets are less reactive to volatile macro events than they were earlier on in the year, whereas equity markets have remained highly sensitive.
Bitcoin’s volatility has decreased relative to the Nasdaq and the S&P 500, according to cryptocurrency analytics source Kaiko, as reported by CNBC. For the first time since 2020, Bitcoin’s 20-day rolling volatility is less than that of the two stock indexes, according to a report published by a cryptocurrency data business on Friday.
At its meeting in November, the Federal Reserve is likely to raise interest rates by 75 basis points for the fourth time in a row. But Mary Daly, president of the Federal Reserve Bank of San Francisco, said last Friday that policymakers should think about slowing the rate of future interest rate increases.
Bitcoin Price Prediction & Technical Outlook
The current Bitcoin price is $19,206, and the 24-hour trading volume is $15 billion. Bitcoin has increased by less than 1% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $368 billion.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,186,937 BTC coins. Bitcoin is projected to meet immediate technical resistance near the $19,300 level, where a symmetrical triangle pattern is also forming. Additionally, the 50-day MA maintains a bearish bias for BTC prices below $19,250.
A sustained move over $19,300 could open the door for bulls to challenge the next resistance zone between $19,650 and $19,950 in BTC.
On the other hand, a break below $18,920 support may push BTC towards $18,600 or $18,400 levels.
Ethereum Prediction & Technical Outlook
The current price of Ethereum is $1,311, with a 24-hour trading volume of $7.1 billion. In the previous 24 hours, Ethereum has gained over 1%. CoinMarketCap now ranks #2, with a live market cap of $160 billion.
The ETH/USD pair has created an ascending triangle pattern, which indicates near-term technical support around $1,292. However, instant resistance is being met at the level of $1,320. The 50-day moving average also lends credence to the bullish case for ETH.
Ethereum’s primary resistance levels at $1,320 have held up well, but the cross above this can push ETH toward $1,340 or $1,385.
Leading technical indicators such as the RSI and MACD are holding above 50 and 0, respectively, indicating chances of an uptrend continuation. On the other hand, a bearish breakdown of the $1,292 level could bring ETH down to $1,270 or $1,240.
New Altcoin News
Along with Bitcoin and Ethereum, Dash 2 Trade is making headlines for its massive success in its presale phase. Cryptocurrency traders will have access to real-time market data, insights, and analysis via Dash 2 Trade, an Ethereum-based platform.
Following its launch on October 20th, the Dash 2 Trade presale has already surpassed $1 million. To now, it has raised approximately $1.3 million and is expected to pass many more key benchmarks in the coming hours.
Although predicting the future is tricky, D2T seems to have a bright future based on its solid foundation.
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