Bitcoin
BTC$29 830.80

2.19%

Ethereum
ETH$1 978.78

0.62%

Tether
USDT$0.998948

-0.01%

Binance Coin
BNB$332.68

3.46%

USD Coin
USDC$1.000136

0.03%

XRP
XRP$0.404298

-0.23%

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 61.2% 89 $29 830.80 2.19% -0.06% $568 243 367 260 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 88 $1 978.78 0.62% -2.65% $239 264 661 104 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998948 -0.01% 0% $73 198 034 338 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 58% 85 $332.68 3.46% 10.72% $54 319 345 181 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000136 0.03% 0.01% $53 412 996 775 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.404298 -0.23% -5.30% $19 544 998 936 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.001442 0.19% 0.27% $18 332 749 036 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 92 $0.518095 1.03% -7.86% $17 480 010 174 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 56.8% 92 $49.23 0.27% -10.01% $16 702 932 943 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 56% 88 $0.083177 0.07% -6.02% $11 035 092 589 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 59.6% 92 $10.02 1.90% -3.47% $9 896 804 667 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 60.4% 89 $29 797.90 2.06% -0.08% $8 224 307 082 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 60.4% 91 $28.68 -0.32% -14.23% $7 766 240 935 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 73.6% 57 $0.081485 5.37% 12.78% $7 711 237 884 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 94.4% 1 $1.000233 0.06% 0.05% $6 576 996 511 DAI 7 days price change

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