Bitcoin
BTC$48 706.73

-9.26%

Ethereum
ETH$4 059.61

-3.80%

Binance Coin
BNB$562.06

-5.77%

Tether
USDT$0.999843

-0.04%

Solana
SOL$200.85

-6.55%

Cardano
ADA$1.41

-10.52%

Bitcoin completes a corrective pullback


14 Dec 2020

#Bitcoin

At the end of last week, Bitcoin was declining towards $17,500, which caused quite strong negative sentiment in the market. Many investors feared that we were at the beginning of a large-scale correction, which has the potential to reverse the trend and push the crypto market into a new recession or prolonged weak dynamics. Nevertheless, buyers rushed to the rescue of the first cryptocurrency, pushing it back to $19,200. Thus, for the week, Bitcoin shows almost zero change in price.

Bitcoin gave up 23.6% of rally since November and turned to growth fast


Technical analysis once again confirmed its fundamental impact on Bitcoin. The correction of the last few days lost its strength on the approach to the 76.4% level of the September-November rally, which is considered as the first line of correction in rapid growth trends. If so, bitcoin may test the $20,000 area again as early as this week.

Institutional investors are driving the rally in the crypto market, although their attention is now more drawn to the traditional market. The launch of vaccinations is one of the most eagerly awaited events of the year. 

The impact of the vaccines is likely overestimated by investors, as there is a huge amount of statistical work ahead. Besides, massive cases of complications could negate the entire positive effect. Nevertheless, the market is growing again, and the situation is somewhat similar to cryptocurrencies.

Extreme greed on Crypto market continues


The Crypto Fear & Greed Index for Bitcoin and major cryptocurrencies is back in the “extreme greed” area at 95. The traditional market is also essentially overheated but it is still not enough in the current environment to trigger a full-scale correction. Bitcoin may have also been supported by news from MicroStrategy, which managed to raise $650 million instead of $400 million to buy more bitcoins. MassMutual, a U.S. insurance company with a $235 billion investment fund, invested about $100 million in Bitcoin.

JPMorgan Chase & Co. believes the current investment cases are just the beginning. When large, and especially conservative funds, invest in Bitcoin – it significantly improves its reputation, which brings even more new investors to the market. Analysts at JPMorgan Chase & Co. expect insurance companies, pension funds, and other large market participants to invest about $600 billion in Bitcoin.

So while a fairly aggressive correction may well be expected in the short term, we see no impact on the overall sentiment of large investors. Probably, the last episode of decline is still more related to profit-taking by smaller investors, as well as sales of miners, who, to support their operating activity have been waiting for the right moment to sell for quite some time since the crypto market has been mostly falling since the beginning of 2018.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.2% 50 $48 706.73 -9.26% -10.81% $920 132 432 479 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 33 $4 059.61 -3.80% -0.61% $481 495 723 238 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 32 $562.06 -5.77% -6.99% $93 752 606 143 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94% 1 $0.999843 -0.04% -0.10% $74 146 017 092 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 62 $200.85 -6.55% 3.29% $61 387 860 524 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 72 $1.41 -10.52% -9.18% $46 958 385 031 ADA 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $0.999385 -0.03% -0.05% $39 796 534 169 USDC 7 days price change
8 XRP (XRP) XRP XRP predictions 65.6% 70 $0.834001 -10.39% -11.92% $39 404 303 399 XRP 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.8% 76 $29.08 -14.58% -17.21% $28 721 201 555 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 66.8% 65 $71.05 5.47% 63.77% $27 565 404 822 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 74 $0.175319 -12.61% -14.55% $23 209 784 837 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 73 $90.70 -14.60% -19.51% $22 013 847 272 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 73 $0.000037 -9.62% -5.62% $20 243 352 002 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.6% 86 $0.595382 -5.97% -25.47% $15 041 152 356 CRO 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999915 0.09% -0.01% $13 732 244 013 BUSD 7 days price change

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