Bitcoin Price Prediction – When Will the Next Bull Market Start?

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The Bit­coin mar­ket turned bear­ish on Novem­ber 7, as the price of Bit­coin broke below a major sup­port lev­el of $16,900. This breach of the upward trend­line has increased sell­ing pres­sure on Bit­coin, poten­tial­ly lead­ing to a drop to $16,500. 

It is impor­tant to con­sid­er the mar­ket’s fun­da­men­tals in order to under­stand the poten­tial impli­ca­tions of this development.

Let’s take a quick look at the mar­ket’s fundamentals.

Bitcoin Mining Bill Fails In Paraguay

The Paraguayan leg­is­la­ture was unable to pass a bill that would have reg­u­lat­ed cryp­tocur­ren­cy min­ing in the coun­try. Pres­i­dent Mario Abdo Ben­tez vetoed the leg­is­la­tion, which was then archived by the Cham­ber of Deputies. The bill, which aimed to pro­mote cryp­tocur­ren­cy min­ing by offer­ing dis­count­ed pow­er prices, received 36 votes, five short of the required number. 

Mem­bers of the Cham­ber of Deputies debat­ed the pros and cons of the mea­sure, but ulti­mate­ly vot­ed against it.

The poten­tial ben­e­fits of cryp­to min­ing in Paraguay, the volatil­i­ty of cryp­tocur­ren­cies like Bit­coin, and how a lack of reg­u­la­tion sur­round­ing cryp­to-relat­ed activ­i­ties had con­tributed to events like the col­lapse of FTX were all discussed. 

After law­mak­ers aban­doned a cryp­tocur­ren­cy bill, Paraguay will no longer be a haven for cryp­tocur­ren­cy min­ers. The coun­try was expect­ed to pass cryp­tocur­ren­cy reg­u­la­tions. How­ev­er, after care­ful con­sid­er­a­tion, it decid­ed against it on Decem­ber 5. 

The mas­sive impact of the back­track is that min­ers will be unable to use the coun­try’s cheap elec­tric­i­ty. The news is not good for the BTC/USD price.

Strike and Bitnob Enable African Cross-border Payments

Strike, a Bit­coin pay­ment net­work, has offi­cial­ly arrived in Africa, allow­ing users to send mon­ey there instant­ly and cheap­ly via its brand-new “Send Glob­al­ly” option. For the time being, the tool will be avail­able to all Amer­i­can Strike users in Ghana, Kenya, and Nigeria.

Strike announced on Decem­ber 6 that the fea­ture had been devel­oped in col­lab­o­ra­tion with the African Bit­coin com­pa­ny Bit­nob. Users of the Strike app in the Unit­ed States can send mon­ey to an African recip­i­ent instant­ly. The recip­i­ent will then receive the funds in their native cur­ren­cy and deposit them into their bank, mobile mon­ey, or Bit­nob account.

Strike and Bit­nob bridge the two con­ti­nents by con­nect­ing local finan­cial insti­tu­tions to the glob­al Light­ing net­work, Bit­coin’s over­lay pro­to­col for cheap and fast payments.

One of the new ser­vice’s pri­ma­ry goals is to help increase access to afford­able bank­ing ser­vices on a con­ti­nent that has tra­di­tion­al­ly been exclud­ed from the glob­al finan­cial sys­tem. The ser­vice is espe­cial­ly use­ful in coun­tries where cross-bor­der mon­ey trans­ac­tions are restricted.

The com­pa­ny focus­es on deliv­er­ing instant world­wide pay­ments for both Bit­coin and fiat cur­ren­cies by uti­liz­ing Bit­coin’s off-chain scal­ing solu­tion, the light­ning net­work. As a result, the news is also ben­e­fi­cial to BTC/USD.

Bitcoin Price 

The cur­rent Bit­coin price is $16,856, and the 24-hour trad­ing vol­ume is $21 bil­lion. The BTC price is down just over 1% today, along with the sec­ond-lead­ing cryp­tocur­ren­cy Ethereum.

Bit­coin Price & Toke­nomics — Source: coinmarketcap

Giv­en the strong US dol­lar, the BTC/USD pair has bro­ken down below the $16,900 sup­port lev­el, which is now act­ing as resis­tance. In this sce­nario, BTC could fall to the next sup­port lev­el of $16,500 or even $16,000.

Alter­na­tive­ly, a bull­ish break­out above $16,900 could expose the BTC price to $17,200 or $17,350.

Bit­coin Price Chart — Source: Tradingview

Massive Upside Potential Coins

Despite the bear­ish price action, the coins below are going from strength to strength catch­ing the atten­tion of cryp­to whales.

IMPT — Presale Ends In 4 Days

IMPT is a car­bon-cred­it mar­ket­place that will reward con­sumers for shop­ping with eco-friend­ly mer­chants. These rewards will arrive in the form of its IMPT token, which can be used to buy NFT-based car­bon off­sets that can be trad­ed or retired.

The project is get­ting atten­tion as it will start trad­ing on the decen­tral­ized exchange (DEX) Uniswap on Decem­ber 14. Two cen­tral­ized exchanges, LBank and Changel­ly Pro, will list IMPT short­ly after its DEX launch.

IMPT has raised more than $15 mil­lion in its pre­sale so far with 1 IMPT cur­rent­ly sell­ing for $0.023. 

Buy IMPT Now

Dash 2 Trade (D2T)

Dash 2 Trade is an Ethereum-based trad­ing intel­li­gence plat­form that pro­vides investors with real-time ana­lyt­ics and social trad­ing data, all of which can help them arrive at informed trad­ing decisions. 

The sale of its D2T token has raised just under $9 mil­lion, and has recent­ly entered its fourth and final stage. It has also announced list­ings on Bit­Mart and LBANK Exchange for ear­ly 2023, con­firm­ing that investors will indeed have the oppor­tu­ni­ty to enjoy some returns soon enough.

Vis­it Dash 2 Trade Now

RobotEra (TARO)

Robot­Era (TARO) is a Sand­box-style Meta­verse that will allow gamers to play as robots and par­tic­i­pate in the cre­ation of its vir­tu­al world.

1 TARO is cur­rent­ly sell­ing for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the sec­ond stage of its presale.

Vis­it Robot­Era Now

Find The Best Price to Buy/Sell Cryptocurrency

Cryp­tocur­ren­cy Price Track­er — Source: Cryp­tonews



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