Bitcoin, the leading cryptocurrency, is consolidating in a narrow trading range of $19,000 to $19,300 as investors appear to be waiting for a solid fundamental reason to trigger a breakout. At the moment, Bitcoin price prediction is mixed, and a breakout of this range will determine future market price action.

South Africa Classifies Cryptocurrencies as Financial Products

The Financial Sector Conduct Authority (FSCA) of South Africa has declared cryptocurrencies to be financial products, clearing the way for their regulation across the industry, according to the government gazette. The South African regulator stated in a notification issued on October 19 that cryptocurrency assets are a virtual image of value and are likely to be regulated in that country.

The government intends to implement rules governing foreign exchange operations as well as licensing requirements for businesses dealing in cryptocurrencies in South Africa.

Digital assets are not issued by central banks. The FSCA, on the other hand, sees cryptocurrencies and other digital assets as valuable instruments that can be traded, transferred, and stored digitally. The identification of cryptocurrencies as financial products in South Africa will benefit Bitcoin.

Tesla Holds $218 Million in BTC, Signaling Bullish Bitcoin Price Prediction

Tesla, an electric vehicle manufacturer, did not add to or subtract from its remaining Bitcoin holdings in the third quarter of 2022. According to the Q3 report released on October 19, its digital assets remain valued at $218 million and have not decreased in value. At the current price, Tesla still has 9,720 BTC.

According to Tesla’s Q2 financial report, the company sold 75% of its Bitcoin during the quarter, resulting in $936 million in cash and a $64 million profit. Tesla CEO Elon Musk claimed at the time that the COVID-19 lockdowns in China had caused liquidity concerns, which led to the sell-off.

The company’s $1.5 billion holding in Bitcoin, which it disclosed in February 2021, was significantly reduced by the quarter’s sell-off. Tesla reported $3.3 billion in earnings for the third quarter of 2022, on revenues of $21.45 billion.

Bitcoin’s Highest Hash Rates

According to Mike McGlone, senior commodities analyst at Bloomberg Intelligence, Bitcoin’s October relative discount to its high hash rate, which was the largest since the first quarter of 2020, may soon lead to it resuming its proclivity to outperform most assets.

Bloomberg analyst stated that Bitcoin’s risk/reward ratio was tilting favorably due to its rising hash rate, which is a measure of a blockchain’s processing power and security.

McGlone wrote in a second Linkedin post, “it may be a matter of time” before Bitcoin resumes its historical trend of outperforming other big assets.

“Returning to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in US accounting standards give it a lift.”

According to McGlone, the cryptocurrency is showing signs of bottoming in 4Q 2022 and that, given supply and demand rules, the price of Bitcoin “should continue to grow over time.” Many people believe that the news of Bitcoin’s high hash rate will cause the BTC/USD price to rise.

Bitcoin Price Prediction

On the technical front, Bitcoin has formed a symmetrical triangle pattern, indicating investor indecision. The triangle provides immediate resistance near $19,300 and support near $18,850.


The symmetrical triangle pattern has a high likelihood of breaking out on either side; it’s only a matter of time before traders determine the direction. Following a breakout, we may see a trend continuation.

A bullish breakout of the $19,300 level will most likely lead to BTC reaching $19,650 or $19,950. A bearish breakout of $18,920, on the other hand, could lead BTC to $18,650 or $18,200.

Dash 2 Trade - New Listing

Our Rating

Dash 2 Trade
  • Also Listed on Bitmart, Changelly, LBank, Uniswap
  • Collaborative Trading Platform Token
  • Featured in Bitcoinist, Cointelegraph
  • Solid Proof Audited, CoinSniper KYC Verified
  • Trading Community of 70,000+ Members
Dash 2 Trade