Bitcoin is Predicted to Reach $ 46,315 By Dec 16, 2023

Bitcoin is Predicted to Reach $ 46,315 By Dec 16, 2023

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

  • Bitcoin is down -3.63% today against the US Dollar
  • Bitcoin is currently trading 8.79% below our prediction on Dec 16, 2023
  • Bitcoin gained 14.04% in the last month and is up 146.00% since 1 year ago

BTC price is expected to rise by 9.18% in the next 5 days according to our Bitcoin price prediction

is trading at $ 42,242 after losing -3.63% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -3.60% in the same time period.

According to our Bitcoin price prediction, BTC is expected to reach a price of $ 46,315 by Dec 16, 2023. This would represent a 9.18% price increase for BTC in the next 5 days.

BTC Price Prediction Chart

What has been going on with Bitcoin in the last 30 days

Bitcoin has been displaying a positive trend recently, as the coin gained 14.04% in the last 30-days. The medium-term trend for Bitcoin has been bullish, with BTC increasing by 67.80% in the last 3 months. The long-term picture for Bitcoin has been positive, as BTC is currently displaying a 146.00% 1-year price change. On this day last year, BTC was trading at $ 17,172.

Bitcoin reached its all-time high price on Nov 10, 2021, when the price of BTC peaked at $ 68,770. The current BTC cycle high is $ 44,689, while the cycle low is at $ 15,599. BTC has been displaying low volatility recently – the 1-month volatility of the coin is at 6.82. Bitcoin recorded 15 green days in the last 30 days.

Bitcoin technical analysis for today – Dec 11, 2023

The sentiment in the Bitcoin markets is currently Neutral, and the Fear & Greed index is reading Greed. The most important support levels to watch are $ 43,571, $ 43,379 and $ 43,148, while $ 43,994, $ 44,225 and $ 44,417 are the key resistance levels.

Neutral sentiment for Bitcoin

18 indicators are currently signaling a bullish prediction for Bitcoin, while 14 indicators are showing a bearish forecast. With 56% of indicators favoring a positive prediction. This results in an overall Neutral sentiment for Bitcoin.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 74 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Bitcoin moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Bitcoin is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Bitcoin is at 73.83, suggesting that BTC is currently overbought.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Bitcoin over the last 50 days. Currently, Bitcoin is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the BTC closing price for the last 200 days. BTC is now trading below the SMA 200, signaling that the market is currently bearish.

The bottom line about this Bitcoin prediction

After considering the above factors, we can conclude that the current forecast for Bitcoin price prediction is Neutral. BTC would have to increase by 9.18% to hit our $ 46,315 target within the next five days. Moving forward, it will be important to monitor the BTC market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Bitcoin price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

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