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Bitcoin (BTC) Price Prediction News: As Bitcoin (BTC) worth hovers across the $17,000 mark, hypothesis is round over the potential backside. Experts have not too long ago prompt that BTC may have fared rather a lot higher than the present vary if not for the FTX collapse. The Sam Bankman-Fried crypto empire meltdown meant that the highest cryptocurrency fell to a 2022 low of $15,700. Meanwhile, as 2023 approaches, the crypto neighborhood is speculating in regards to the attainable backside worth vary.

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FTX Contagion To Decide New BTC Bottom?

The latest FTX collapse had probably price a couple of months of worth restoration for BTC within the present bear market situation. However, as extra firms face the contagion impact from FTX, uncertainty may prevail within the crypto market. Only after the FTX contagion settles down may the precise Bitcoin worth present the underlying momentum from demand and provide dynamics. Recent studies additionally prompt that BTC may maybe fall as little as $5,000 in 2023 in wat might be a shock state of affairs.

As of writing, BTC worth stands at $16,965, down 0.82% within the final 24 hours, in response to worth monitoring platform CoinMarketCap. Peter Schiff, chief economist at europac.com, indicated that Bitcoin (BTC) backside may have already priced in on the $17,000 degree. He warned traders towards falling within the lure of considering that it’s additional to fall. Schiff mentioned in a modern tweet,

“Don’t make the mistake of thinking that Bitcoin is forming a floor at $17K. It’s forming the next ceiling. During this bear market every time Bitcoin takes another leg down, it consolidates its loses prior to its next leg lower. These landings aren’t bottoms. They’re trap doors.”

It stays to be seen if retail traders will look to build up BTC as Christmas approaches. Traditionally, the month of December had predominantly been fruitful for the crypto market.

Also Read: Popular Analysts Predict Bitcoin and Ethereum Prices For Christmas

Anvesh studies main developments round crypto adoption and buying and selling alternatives. Having been related to the business since 2016, he’s now a robust advocate of decentralized applied sciences. Anvesh is at the moment primarily based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and attain him out at [email protected]

The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.