Make at least 50.000$ monthly trading crypto Follow professional Trading signals for FREE. I'm going in!

Bitcoin and Ethereum Price Prediction | What Are The Chances Of BTC Reaching $22,000?

4 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Bitcoin and Ethereum Price Prediction | What Are The Chances Of BTC Reaching $22,000?

Powered by Froala Editor

Bitcoin began to face a bearish correction on January 18th. It gained support near $20,500 and the trend appears to be sustained.

Bitcoin, the world's largest and most well-known cryptocurrency, failed to continue its 14-day positive surge, falling to about $20,759 as the cryptocurrency market's current risk-off wave undermined riskier assets like Bitcoin and other cryptocurrencies.

The worldwide crypto market capitalization has declined by about 4% in the previous 24 hours, from $999 billion to $969 billion, according to the latest available estimates.

Source - Twitter

Meanwhile, Ethereum, the second-largest cryptocurrency, failed to maintain its climb and fell by more than 4% to $1,526.

The majority of cryptocurrencies fell sharply as a result of the market's reaction to the US ban on the Bitzlato exchange.

The -0.5 month-on-month Purchase Power Index (PPI) had a negative impact on the financial and cryptocurrency markets. Although Bitcoin (BTC) and other cryptocurrencies originally gained in value in the crypto market, their rise did not last in the absence of significant monetary policy changes from the US Federal Reserve.

On the plus side, the crypto market's whales have not sold any of their holdings since the beginning of the year. This is regarded as one of the most important aspects in preventing future losses in cryptocurrencies.

Another factor weighing on Bitcoin prices was the decline in the value of Bitcoin mining stocks. The majority of The Block's 18 Bitcoin mining equities declined on the day, with only one stock increasing.

US Charges Crypto Exchange Bitzlato Money Laundering

According to sources, the US Justice Department and Treasury Department have accused Bitzlato Ltd. of money laundering and jailed the company's founder in Miami.

Deputy Attorney General Lisa Monaco recently announced the shutdown of the Hong Kong-based platform Bitzlato and the arrest of its founder, Anatoly Legkodymov.

This will restrict Bitzlato from offering services to Russian-connected criminals.

Source - TwitterThe Bitzlato campaign was launched by the United States as the most thorough crackdown on crypto-criminal activity to date. Its repercussions undermined investor confidence and created a collapse in the worldwide bitcoin market.

Bitcoin Price

Bitcoin is currently trading at $20,800 mark, down 1.50% in the last 24 hours, with a $29 billion trade volume. Bitcoin's expected value has stayed stable from the initial projection on January 17th.

Bitcoin has an immediate support level near $20,630 on the 4-hour period, which is extended by the 23.6% Fibonacci retracement. If the bearish breakthrough of $20,630 occurs, the BTC price may be exposed to the next support level of $19,985, which represents the 38.2% Fib.

Source - CoinMarketCapOn the upside, BTC may jump to $21,200, and more purchasing could push BTC to $21,600. A bullish breakout of this level has the potential to cause a breakout over $21,600, leading BTC to the $22,000 mark.

Ethereum Price

Ethereum's market price has fallen by 4% in the last 24 hours, to $1,500 mark with a $10 billion trading volume. Nonetheless, in terms of value and trading volume, the digital asset remains one among the top cryptocurrencies.

On CoinMarketCap, Ethereum is presently ranked second, with a live market value of 187 billion USD. It now has an active circulation of 122,373,866 ETH coins, with no maximum supply defined.

Due to strong bearish sentiment, the ETH/USD pair has been unable to break through the $1,600 double top resistance barrier, causing its value to fall to $1,500.

Source - CoinMarketCapThe most crucial support level for Ethereum is currently placed at $1,500. If this fails, selling pressure will likely increase until it approaches $1,440, the 38.2% Fibonacci retracement. If it is also breached, ETH might fall even lower below $1,350, putting it in a bad position.

A $1,500 support level is expected to cause an increase to $1,660, which will serve as a resistance level.

ALSO READ - US Retail Sales Figures Could Be Key to Market Movement

Currency Exchange rate Buy cryptocurrency

TradingSignals News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the TradingSignals.ai (www.TradingSignals.ai). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the news.tradingsignals.ai/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TradingSignals.ai c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the TradingSignals privacy policy is available in this document.

Advanced settings can be changed in your browser.