Bitcoin
BTC$69 464.92

-2.00%

Ethereum
ETH$3 781.37

2.58%

Tether
USDT$0.999913

0.01%

Binance Coin
BNB$616.19

3.27%

Solana
SOL$177.61

-3.80%

USD Coin
USDC$1.000190

0.04%

Bitcoin completes consolidation in a triangle


18 Oct 2022

#Bitcoin

Bitcoin is up 1.4% in the past 24 hours, trading at $19,550 at the time of writing. U.S. stock indexes had stepped decisively higher the day before, and index futures are developing their gains by the start of European trading. A buoyant stock market backdrop supports appetite for crypto assets, but overall fluctuations remain unusually subdued.

Bitcoin is up 1.4% in the past 24 hours, trading at $19,550

Bitcoin's fluctuations since June fit into a triangle with a descending resistance line and horizontal support of $18.8K, and now the price moves at the right angle of the figure. Typically, this situation is resolved by a spike in volatility on the way out of the range. The confirmation of the break of the long-term consolidation should be looked for not earlier than the exit of the previous highs at $20.4K or the failure under $18K, with more probability of the second variant. However, we note that the downtrend in BTCUSD has lasted almost a year, taking away more than 70% of the peak price and becoming attractive for long-term buyers.

According to CoinShares, investments in crypto funds rose slightly last week after a slight outflow the week before. Fund inflows totalled $12 million. Bitcoin investments increased by $9 million, and Ethereum investments decreased by $4 million. Investments in funds that allow shorts on bitcoin increased by $7 million. Investors remain apathetic; flows over the past five weeks have not exceeded 0.05% of assets under management, CoinShares noted.

News background

Bitcoin has the potential to break the link to traditional risk assets. This could happen thanks to investors' realisation that most threats come from governments and fiat currencies, according to LookIntoBitcoin. Based on previous cycles of investor capitulation, the timing is now suitable for strategic BTC buying.

According to GlobalData's worldwide survey of asset managers, wealthy investors still want to invest in digital assets. And because cryptocurrencies only account for 1.4% of their portfolios, they are willing to take maximum risk.

French investment bank Société Générale has obtained permission from local regulators for its subsidiary to store, buy, sell, and exchange cryptocurrencies. According to a new Coincub report, in the third quarter of 2022 Germany became the most favourable country to run a crypto business, climbing to first place in the rankings with Switzerland, Australia, the UAE, followed by Singapore. The US slipped from first place to seventh because of unfavourable taxation policies and a lack of clarity on crypto regulation.


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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 86% 22 $69 464.92 -2.00% 12.20% $1 368 572 357 066 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80% 32 $3 781.37 2.58% 31.56% $454 246 306 888 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999913 0.01% 0.04% $111 354 495 725 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 89.6% 7 $616.19 3.27% 8.25% $90 940 480 016 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 50 $177.61 -3.80% 23.39% $79 774 925 999 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000190 0.04% 0.02% $33 092 257 838 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 90.4% 10 $0.531505 -0.61% 5.86% $29 386 346 987 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 79.2% 34 $0.170465 2.91% 17.23% $24 612 964 153 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 64.8% 71 $6.27 -5.14% -8.83% $21 800 238 494 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 81.6% 26 $0.491662 -1.42% 14.33% $17 542 722 699 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 76.8% 41 $41.15 2.56% 30.33% $15 772 255 993 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 77.6% 42 $0.000026 2.44% 13.10% $15 377 573 768 SHIB 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 84.4% 26 $7.60 1.52% 16.60% $10 930 670 735 DOT 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 82.8% 21 $70 246.80 -1.57% 14.09% $10 921 730 975 WBTC 7 days price change
15 TRON (TRX) TRX TRON predictions 92.8% 9 $0.123640 -0.09% -1.44% $10 809 671 444 TRX 7 days price change

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