Bitcoin, the world’s leading cryptocurrency is hovering around the $19,400 mark on Monday. The king crypto briefly crossed $20,000 last week before falling to the $19K levels again. BTC is facing stiff resistance at $24,900 and is repeatedly being rejected at these levels since August 2022. The crypto is currently unable to push its value above the $20,000 mark and it is mostly trading sideways in October.
Also Read: Bitcoin dominance at 2018 support level: Recovery finally?
Bitcoin Latest News Today
The progress toward the next Bitcoin halving currently surpassed 60% on Sunday. As per estimates, the complete BTC halving might occur during the second half of 2023. However, many other statistics estimate that the Bitcoin halving might complete only in 2024 and not in 2023.
You can read more details about Bitcoin halving hashrate here for a better understanding.
BTC Price Prediction
The S&P 500 index is slipping in October 2022 and was down 106 points on Friday reaching 3,639. The index is currently near its March 2020 lows as Dow Jones plummeted 630 points last week. Pseudonymous crypto analyst Cantering Clark warned investors that if the S&P levels continue their bearish streak, Bitcoin might further correct another 40%.
“If the S&P 500 drops down to the next major region between 3200-3400. I think the right assumption would be that crypto beta would be at least 2-3x that, which at a minimum means Bitcoin retests the ledge of the highest volume node of the last five years – so around $12,000-$13,000,” he predicted.
Also Read: Bitcoin may Outperform Every Asset in Bull-Market: Bloomberg Intelligence
If BTC corrects 40% from its current levels, the king crypto could fall to $12,000 in the coming months. The global economy is being hit by high inflation, and consecutive negative GDPs and is on the brink of a recession. Therefore, Bitcoin has more chances of heading south than going north in Q4 of 2022.
Crypto Updates
The global cryptocurrency market cap yet again fell below the $1 trillion mark on Monday. The overall crypto market cap stands at $980 billion with Bitcoin and Ethereum beginning the week trading in the red. The crypto markets are least likely to see a bull run in October 2022 due to global macroeconomic factors.
In conclusion, it is advised to wait and watch for market updates before going all-in on Bitcoin and the crypto markets in general.
Also Read: Bitcoin Whales aggressively accumulate BTC: consolidates at $20,000
At press time, Bitcoin was trading at $19,415 and is down 0.2% in the 24 hours day trade. BTC is also down 71.9% from its all-time high of $69,044, which it reached in November last year.