The cryptocurrency markets regained the $1.1 trillion in market cap on Sunday sending positive signals to investors. Bitcoin reached $21,300 on Monday but is now shedding its gains after a round of profit bookings.
The markets are in limbo as the U.S. mid-term elections are on Tuesday that could decide its next direction. All eyes are on Bitcoin this week as the king crypto breached the $20,000 level after nearly a month. If Bitcoin performs well after the elections, the overall crypto markets will turn green attracting bullish sentiments.
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Bitcoin Price Prediction
Crypto analyst Altcoin Sherpa predicts that Bitcoin’s next leg could be around the $23,000 level after the mid-term elections. He predicted to his 187,000 followers on Twitter that if BTC finds support at $23,000 it could next reach $25,000 by the end of December 2022.
“BTC: Notes on the chart. IMO, we just left a 2-month range and are going to head to 23k. I’ve had this outlook for a bit now. Top end target would be $25K, close to the 200d EMA. It’s important to note that we’re still in a 5-month range and that any calls for new highs or lows seem unlikely unless macro screws the bed or some big bullish catalyst happens. Wait for 17.5k or 25k to break; both interesting levels IMO,” he predicted.
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Bitcoin is in the cross-hairs of the constant interest rate hikes initiated by the Feds this year. In addition, the U.S. job reports are also dictating BTC’s price movements and the mid-term elections will be the deciding factor. Only after the election results are out, we will know which direction BTC is headed in the indices.
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At press time, Bitcoin was trading at $20,761 and is down 2.3% in the 24-hour day trade. BTC is also down 69.9% from its all-time high of $69,044, which it reached in November last year.