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Bitcoin Price Prediction – BTC Flatlines But is a Break Higher on The Cards?

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author imageArslan Butt Last updated:

Bitcoin price prediction hasn’t changed much recently because the cryptocurrency has been trading sideways within a $16,750 to $17,000 range. At market open, one bitcoin was worth $16,925.00 in US dollars. Price has increased by 0.19% in the past day, to $16,857.00. The Bitcoin/U.S. Dollar exchange rate has seen a range of $16,934.00 to $16,794.00. In addition, it has lost about 5.2% of its worth over the past week.

Core Scientific, a Bitcoin mining company, has filed for Chapter 11 bankruptcy

As one of the largest U.S. cryptocurrency mining companies, Core Scientific is available to the public. Reportedly suffering from falling revenue and Bitcoin price, Core Scientific has filed for Chapter 11 bankruptcy in Texas. Some of the holders of the publicly traded miner’s convertible notes are expected to support the company’s restructuring plan.

Due to the extended bear market in April, Core Scientific was forced to liquidate 9,618 BTC in order to stay in business. The effects of the crypto winter on commerce continue to linger. As a result, the company has initiated Chapter 11 bankruptcy proceedings in the Bankruptcy Court for the Southern District of Texas.

Liabilities expected by the miner are reported to be between $1 billion and $10 billion. There are between one thousand and five thousand creditors, with the investment bank B. Riley having the largest unsecured claim. In spite of rumors to the contrary, it appears that Core Scientific intends to keep its mining operations running. After B. Riley’s assistance, the company’s stock price rose by around 200%, but it has since fallen steadily.

In the cryptocurrency industry, several companies have recently declared bankruptcy. From blockchain development firms and cryptocurrency lenders to major exchanges, many recognizable names fell short of 2022’s slippery slope standards.

The market value of Core Scientific, the industry leader in Bitcoin mining, has been steadily decreasing recently. The Bitcoin/U.S. Dollar exchange rate and the cryptocurrency market could suffer as a result.

Bitmain completed its fastest-ever sellout

Bitmain produces more bitcoin mining hardware than any other company in the world. The Bitmain S19 Antminers, for example, was completely purchased in under 24 hours, and this is just one example of the company’s history of selling out of mining rigs. However, it has sold out in record time. The Antminer HNS HS3 has been the company’s fastest-selling mining device ever. Bitmain announced on December 21 that the Antminer HNS HS3, which retails for $2,092, had sold out in under 27 seconds.

The hash rate of the Bitmain HNS HS3 Antminer is 9 TH/s (terahashes per second), and it consumes 2,079 watts of power. The resulting energy density is 231 J/T.

Bitmain’s new Antminer is selling quickly, suggesting that there is still interest in Bitcoin mining despite the declining profitability of the industry this year. As a result, we can expect the BTC/USD exchange rate to rise due to the high level of interest among miners and investors.

Binance Completes the Acquisition of Tokocrypto

According to local media, Binance completed the acquisition of the Indonesian cryptocurrency exchange Tokocrypto on December 19. Tokocrypto was Binance’s first investment in 2020. At the time, the company was the country’s only authorized cryptocurrency exchange.

On December 19, Binance CEO Changpeng Zhao announced the acquisition on Twitter. Binance’s acquisition of Tokocrypto has already resulted in some changes. Pang Xue Kai, the CEO of Tokocrypto, has resigned, according to reports.

Furthermore, Tokocrypto has laid off nearly 58% of its employees this year, following the company’s September dismissal of 20% of its workforce. According to interim CEO Yudhono Rawis, firing employees was necessary to ensure the company’s ability to combat the crypto winter. Binance is the largest centralized cryptocurrency exchange in the world. Its success in acquiring Tokocrypto bodes well for the overall cryptocurrency market and the BTC/USD pair.

Bitcoin Price Prediction – Daily Technical Levels

Support Resistance

16539.6 17183.6

16154.3 17442.3

15895.6 17827.6

Pivot Point: 16798.3

Today’s top altcoins to buy are FGHT, D2T, and CCHG

Many cryptocurrency traders seek advice on how to use their funds to avoid further losses. Some people are waiting for the cryptocurrency markets to recover because they are still volatile. While Bitcoin is the first and most well-known cryptocurrency, investing in the best altcoins may yield better results.

FightOut (FGHT) – Presale Now On

FightOut is a one-of-a-kind fitness app and physical gym chain that promises to disrupt the move-to-earn (M2E) market. The network will fix problems with programs like STEPN, which only counts steps and has been criticized for its expensive NFTs and reward system, which needs to use more NFTs to give people more reasons to move.

More specifically, the team is pioneering “move to earn,” in which one’s exercises are recorded and tracked in real-time, for which the user is eligible for rewards in the FGHT token. The presale has so far been a big success, garnering a lot of attention from the local community.

Visit FightOut now

Dash 2 Trade (D2T)

Dash 2 Trade is a new initiative that assembles all of the most pertinent and helpful trading tools so that traders may trade as effectively as possible. The presale has gone well so far, and the team has already raised almost $10.3 million.

The presale is nearly over, and it was just revealed that the first central exchange listing will take place on January 11th. Changelly, LBank, and BitMart are just a few of the exchange listings that the team has already agreed to sign.

Visit Dash 2 Trade now

C+Charge (CCHG)

CCHG is currently developing a blockchain-based peer-to-peer (P2P) payment system for EV charging stations, which will allow EV drivers to earn carbon credits.

C+Charge intends to strengthen the role of carbon credits as a fundamental incentive for EV adoption. Currently, prominent EV manufacturers such as Tesla make millions by selling carbon credits to polluters. C+Charge wants to make the carbon credit market fairer by giving more of these benefits to EV owners instead of just big businesses.

C+Charge has now launched the CCHG token pre-sale, which will be used to pay for EV charging stations on its network. Tokens are currently selling for $0.013, but by the end of the presale, this will have increased by 80%. As a result, investors who want to be among the first to participate in a promising, environmentally friendly cryptocurrency initiative should act quickly.

Visit C+Charge now

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  This article was written for Business 2 Community by Arslan Butt.
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Author: Arslan Butt

Arslan is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. Arslan holds an MBA in Finance, and an MPhil in Behavioral Finance.
Arslan brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and…

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