Bitcoin Price Prediction: BTC Drops from $38k. Are the Bulls Losing Momentum?

Presently, the mother of all cryptocurrency is shedding some gains after touching $38,000. Concerns arise about the potential loss of momentum among the bullish market forces.

The main factor that caused this price decline was the recent speech by CZ, the former CEO of Binance Exchange.

This statement created a negative sentiment within the general crypto market, with many investors selling their holdings. At the moment, the 24-hour trading volume of the crypto market is down by almost 9%.

However, based on some interesting factors, BTC's price has the potential to gain in the coming months.

Bitcoin Price Acton

The daily chart shows that BTC's growth started on October 20 when the price broke the long-time resistance ($29,500). Notably, BTC has been below this level for more than one year.

So, after its price broke above this region, it triggered a massive bullish sentiment among investors.

As a result, its price increased incredibly, reaching $33,000. It was indeed surprising as no one expected it to occur soon. The primary factor that pushed this price growth was the fake BTC ETF listing news that woke the sleeping investors.

Between October 28 and November 8, the bears tried all they could to drop the price, causing a lot of fluctuations in the market. But, the bulls held their respective position, sustaining the price above $30,000.

Impressively, on November 24, the price of BTC surged significantly, breaking $38,000. This is a fresh 19-month high, even as the U.S. SEC is fighting against the crypto market. However, this pump didn't last long, as many chose to take out some gains.

Nonetheless, in the past 24 hours, BTC has recorded growth of almost 1%. Even though this is not significant, it shows that investors are still preventing the price from dropping more.

Moreover, it gained in the past seven days, increasing slightly by almost 1%. This number might be small, but it's higher than ETH, which has been down in the past 24 hours. This means that BTC's performance is not really bad for investors.

Bitcoin Price Analysis as Price Trade Above 20-Day Line

Based on the daily chart, after BTC touched the upper Donchain channel indicator, it is currently above the 20-day SMA line (middle line).This level, functioning as a psychological support zone, has demonstrated resilience through multiple tests.

The current scenario suggests a sustained price position above this level could potentially lead to a rebound. Conversely, a failure to maintain this level, resulting in a price drop below, may evoke bearish sentiment.This could potentially trigger a substantial decline to the initial support at $35,198.

Further weakness could extend the decline to $33,400. However, looking at the chart, there's still hope for long-term holders as the market may retrace from the Fair Value Gap (FVG) level.

Notably, the level has been a strong resistance, and if the price rebounds from this zone, it will turn support.

Meanwhile, the RSI is currently at 56, suggesting that the market is in favor of the bulls. All these analyses suggest that if BTC fails to maintain its price above the 20-day line, there could be increased selling pressure.

Of course, this will be bad for business as many holders will lose significantly. However, traders still need to apply risk management to avoid losing their capital along the line.

SEC's BTC ETF Approval Clock Starts Ticking: How will this affect BTC?

As the SEC's time to approve BTC ETF gets near, the price of BTC seems to be reacting positively. Recall that a few weeks ago, fake BTC ETF news was shared by a popular crypto news outlet.

This propelled the price of Bitcoin to $30,000. But later, the announcement, saying that the SEC hadn't accepted the listing, surfaced, stifling the rally.

This shows how the listing of BTC ETF will influence BTC's price. According to sources, the SEC has until early January 2024 to either accept or reject spot Bitcoin ETF.

The approval of Spot BTC ETF could attract big companies into the cryptocurrency industry.

Notably, respected organizations like Grayscale and Black Rock also submitted their application to the SEC. More interest from more top shots could potentially make BTC scared as the demand will be higher than supply.

Meanwhile, popular crypto trader Plan B recently shared an optimistic prediction for BTC. Plan B expressed that no matter how BTC drops, it will not fall below $35,000 again.

BREAKING: Bitcoin valuation based on difficulty (hashrate) increased to $35k yesterday. IMO this could mean that, apart from possible black swans or short term volatility, based on $/kWh-arbitrage fundamentals ... BTC will never go below $35k ever again. pic.twitter.com/JPLkXieQAP

- PlanB (@100trillionUSD) November 27, 2023

He showed a chart that says Bitcoin's value went up with its hashrate. Also, he thinks, considering unexpected events or quick changes and how much it costs to mine, Bitcoin won't drop below $35,000 in value.

On November 25, Plan B shared a BTC price projection with its followers. He believes the price could reach an all-time high of $65,000 by the next halving. Moreover, he added a chart where he discussed the distribution of BTC's prices after each halving.

At 2012 halving most bitcoin was At 2016 halving most BTC was in $256-$1024 range.
At 2020 halving most BTC was in $4k-16k range.
At 2024 halving most BTC will be in $16k-$65k range.

I would not be surprised if next 4 years most BTC will transfer in $65k-$524k range. pic.twitter.com/kSmoFY8ciE

- PlanB (@100trillionUSD) November 25, 2023

Surprisingly, Plan B added that by the next bill cycle, the price of BTC could even hit 524,000. This X post by Plan B could fuel the bullish momentum in the market. But while the BTC price trend remains speculative, a Telegram-based casino, TG. Casino is catching the eye of big investors for its potential in digital assets.

Bitcoin Alternative - TG.Casino

On Telegram, folks can play without giving personal info by linking their account to their crypto wallet.They use a special token for everything on the platform, and players can access cool features and earn rewards.

At the presale, the project has raised over $3 million. Already, 2,000 players use the project's platform for betting, and more players might join soon.Based on how people get involved, the presale could end anytime soon.

After the launch, token holders will get NFTs and other bonuses.

Buy TG.Casino Before Price Shoot Up

>>>Visit TG.Casino Presale

The token price is increasing, so many people are rushing to buy before it gets too pricey. Only 40% of the tokens are left for sale, and the price will keep rising until it hits the $5 million cap.

Right now, each token costs $0.17, and in three days, the price will increase.

TG.Casino shared on its site that the crypto casino market is getting very popular. Impressively, the project can grab a fraction of this market. This is because the market utilizes crypto technology and Telegram.

In addition, the projects make depositing and withdrawing very fast and easy, which investors want. Also, token holders get a share of profits through a buyback program, making their tokens more valuable.

Staking tokens can lead to high yearly returns, making it a solid investment. Interested investors can buy the token through the project's site.

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