The Bitcoin price forecast hasn’t altered much throughout the European session because BTC is still trading above the important support level of $16,550. The market is awaiting a crucial on-chain signal in order to enter a traditional bull market, according to the positive technical indicators.
The Puell Multiple’s creator tweeted on December 17 that he thought the recent BTC price fall was about to come to a stop. Even while many forecast fresh BTC/USD lows of $12,000 or less this cycle, not everyone is pessimistic about Bitcoin’s future.
According to Puell, there are already two significant on-chain events that are necessary for the BTC price to recover.
Many long-term holders (LTHs) are still holding onto their Bitcoins despite the fact that the price has fallen by approximately 70% from its peak. The present price decrease has also been quite detrimental to short-term “speculators.”
Puell believes that all that is required is a general increase in network activity.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $16,705.25 |
Bitcoin Price Prediction
The price of bitcoin is at $16,730, and $22 billion worth of transactions take place every day. Since yesterday, Bitcoin’s price has decreased by almost 1.5%.
The BTC/USD pair is anticipated to find quick support on Saturday close to $16,560. The RSI and MACD indicators are in the oversold region, which might force BTC prices to surge to the $17,000 Fibonacci retracement level, or 23.6% of the price.
Further higher, the 38.2% Fibonacci retracement point and the 50-day simple moving average have extended the $17,250 level, which is where the BTC/USD pair is anticipated to run into new resistance.
A break below $16,570, on the other hand, may expose BTC to $16,150.
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