BTC Price Prediction as the Global Market Cap Sits 0.16% Below Its Past 24-Hour Level
The crypto market is bearish today, October 4, 2023, with the global market capitalizing declining 0.49% as of 5:30 AM EST.
As a result, the leading crypto asset, Bitcoin (BTC), has dipped slightly by 0.01% in the last 24 hours, trading at $27,557. Also, its trading volume is down by 29.30% to $11.4 billion within the same time frame.
Considering the prevailing bearish momentum, speculation is rising that Bitcoin could dip lower before the day ends.
On the other hand, many analysts expect an upside potential for Bitcoin as the crypto space buzzes with several pivotal events.
The United States Treasury Department Raises the Already High US Debt; Will It Affect Bitcoin?Amid the looming potential global financial crisis, the United States Treasury Department increased the nation's debt ceiling within a day.
Specifically, the US national debt has reached a massive amount of $33.442 trillion, shooting up by $275 billion within one day. By comparison, this is far greater than the entire value of Bitcoin (BTC) in terms of market capitalization.
Moreover, today, October 4, the total value of all Bitcoin in the market is $536.69 billion.
According to an X post by Samson Mow, CEO of Pixematic and JAN3, US debt is now roughly equivalent to 10 million BTC.
How BTC Could Respond to the Increased Debt Ceiling?In a single day, the US added more than half of #Bitcoin's entire market cap in debt. That's something like 10 million @BTC. And yet there are still people that are unsure if $27k is a good price to buy. pic.twitter.com/RMxdzB01yL
- Samson Mow (@Excellion) October 4, 2023
Most people view Bitcoin as a hedge against inflation. When a country's national debt increases significantly, chances are high that inflation will set it as the government may print more money to cover its obligations.
Consequently, investors may turn to Bitcoin as a store of value to protect their wealth from devaluation caused by inflation.
Moreover, large institutional investors and corporations have grown interested in Bitcoin as an asset class.
Therefore, a significant rise in the national debt might prompt more institutional investors to consider Bitcoin as a long-term investment option. This could further legitimize BTC's place in the financial system, exerting upward pressure on its price.
Notably, the correlation between national debt increment and Bitcoin is complex, and various factors can influence Bitcoin's price.
While a growing national debt may create favorable conditions for Bitcoin price growth, it's just one of many factors that can impact its price.
Nonetheless, the cryptocurrency market remains highly speculative and volatile. Investors should carefully consider their risk tolerance and thoroughly research before investing in Bitcoin or any other asset.
BTC's Overall Market Trend is Bearish - Is There Any Uptick Potential?
Bitcoin (BTC) has dropped below the 200-day Simple Moving Average, implying a bearish market trend. Also, the red candlestick on the chart indicates increased selling pressure in the market today.
The Relative Strength Index (RSI) at 52.24 points downward, implying that BTC could shed more value as sellers dominate the market.
On the other hand, BTC's price is above the 50-day Simple Moving Average (SMA). This indicates that the market trend is bullish in the short term, suggesting potential price growth for Bitcoin in the coming days.
BTC Sits a Few Pips from The Support Level - What's Next?
In the chart above, BTC faces stiff resistance at $29,376, and its price is a few pips away from the support level of $27,200.
While the coin is bearish today, the support level marks an attractive accumulation zone where the entrance of buyers could trigger a rebound.
However, if BTC continues below this support, it could shed more value, potentially finding another support at $27,037. Notably, this support zone may empower sellers to force more price dips before a potential recovery.
But Bitcoin still has a long way to go before reaching the resistance of $29,376, and the bulls would need to mount a considerably high pressure to force a breakout.
However, if it manages to break above this resistance, retesting the $30K price level before the end of the month is highly possible.
While the market anticipates the next Bitcoin bull run, investors can diversify their crypto investment portfolio with this new innovative play-to-earn project, Meme Kombat.
Meme Kombat as an Ideal Alternative to Bitcoin
Meme Kombat offers investors a unique opportunity to diversify their crypto investment portfolio. Unlike meme coins like Dogecoin, it offers a tangible utility by creating a gaming ecosystem where popular meme characters compete, combining gaming, meme coins, and gambling sectors.
Its potential for wider appeal across meme communities increases its potential for massive growth in the crypto market. Additionally, being built on a fully decentralized Web3 architecture ensures transparency and trust.
Meme Kombat ($ MK) is an intriguing and differentiated addition to a diversified crypto portfolio, simultaneously tapping into multiple crypto niches. As a staking platform with a play-to-earn model, its users will make the most of its features thanks to the utility-infused native token, $MK.
The project's token presale has raised over $269,000, rapidly reaching its $1 million target. MK trades at $1.667, presenting an enticing entry point for investors.
Visit the presale website to acquire as many $ MK tokens as possible before the presale ends.
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