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Is Bitcoin At $16k the Ultimate Black Friday Discount for Crypto?

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By Augustine Mbam - - 5 Mins Read

It has been a wild run for Bitcoin in 2022, with the price going down as far as $15,000 — For comparison, Bitcoin recorded an all-time high of $68,789.63 just in 2021. The apex cryptocurrency hit a two-year all-time low, and an analyst predicts that Bitcoin price USD might still come down to $12,500 by the year's end. 

Bitcoin had turned green on Tuesday; this was exactly the same day investor Cathie Wood's Ark Investment Management bought $1.5 million in Grayscale's Bitcoin Trust (GBTC) shares.

Current Bitcoin price

After trading below $16k on Tuesday, Bitcoin was seen moving over that range. Is Bitcoin showing signs of recovery, or is it just a temporary price change? 

Like many altcoins, Ethereum has taken the path of Bitcoin and has been experiencing a serious market crash since the year started. However, when the Bitcoin price USD rose slightly over $16k, Ethereum (ETH) rose by about 2.5% to $1,120. 

A senior technical analyst at StockCharts.com, Julius de Kempenaer, told Coindesk, "it’s possible to see BTC drop further – possibly to $12,500 before the end of the year." Julius de Kempenaer's prediction has been the fear of many crypto traders and investors who have experienced many blows in the market crash of 2022. 

“It can go to a very rapid decline, the market resets as the market digests what’s going on. Or it goes, 'Market needs time and moves sideways,' may be slightly lower.” Julius de Kempenaer added. 

Another analyst Moya pointed out that the whole crypto market of 2022 depends on whether Bitcoin breaks or holds the $15k level. According to his analysis, if Bitcoin holds onto the $15k support level and does not break, it may allow the crypto market to recover to an extent before 2022 runs out. But there might be a huge disaster if it fails to do so.

What Next for the Bitcoin Price 

One of the latest Bitcoin news is that the FED has released a statement saying it will reduce its hike in interest rates. This might be positive Bitcoin news as December could see  50 bps instead of 75 bps which has been recorded in the last four years. 

Different crypto analysts have informed traders and investors that Bitcoin could be going through one of its critical recovery periods and could see the cryptocurrency going further down in price. 

Pseudonyms analyst Kaleo with over 500 thousand followers on Twitter, also issued a similar warning to Julius de Kempenaer, saying that Bitcoin (BTC) could go down to the $12,500 price range. 

"Focusing on this, the most likely scenario is a further decline before any sort of rebound. The inverse pennant has already broken below its uptrend support, and the next reliable support level is the retest of the trend breakout and support from the 2019-2020 highs of the base range," he said. 

The analysis of different analysts seems logical because if Bitcoin goes down beyond $15, it may rally to the price range of $12k. However, he noted that Bitcoin holding on above $15k could raise the price by $40k within 2023.
The current price range of Bitcoin might be the best price for investors or traders to purchase because the probability of it increasing at the end of 2022 and into 2023 is higher.