Bitcoin
BTC$65 050.15

-2.08%

Ethereum
ETH$3 405.15

-5.63%

Tether
USDT$1.000085

0.08%

Binance Coin
BNB$586.04

-3.53%

Solana
SOL$132.95

-10.70%

USD Coin
USDC$1.000242

0.02%

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 89.2% 15 $65 050.15 -2.08% -5.31% $1 282 381 498 798 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.2% 23 $3 405.15 -5.63% -6.09% $416 371 407 438 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000085 0.08% 0.03% $112 562 166 877 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.2% 25 $586.04 -3.53% -5.32% $86 490 719 528 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 40 $132.95 -10.70% -15.37% $61 396 036 364 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 91.6% 3 $1.000242 0.02% 0.01% $32 548 547 004 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 83.2% 31 $0.482647 -0.76% -0.88% $26 820 915 414 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 68% 67 $7.35 -7.80% 3.60% $17 922 555 725 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 67.2% 61 $0.118312 -13.25% -16.41% $17 126 164 916 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.2% 40 $0.369609 -10.94% -15.02% $13 207 774 437 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000018 -14.70% -21.16% $10 404 166 604 SHIB 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68.8% 58 $26.01 -12.71% -18.07% $10 232 271 315 AVAX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88.4% 9 $0.114599 -2.57% -2.46% $10 018 572 668 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 92.8% 9 $0.114477 -2.91% -2.55% $9 990 678 307 TRX 7 days price change

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