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Bitcoin Price Prediction: Is $19K Still Possible Or BTC To Fall Below $15K?

Bitcoin price tumbles over 4% in the last 24 hours amid Binance FUD and DCG potentially facing insolvency risks.
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Bitcoin Price Prediction: Is $19K Still Possible Or BTC To Fall Below $15K?

In the last 24 hours, Bitcoin (BTC) price breaks below $17K and fell to its crucial support level of $16.5K. The chain of events in the last two days caused the crypto market to crash massively. It started with the U.S. Federal Reserve’s hawkish outlook, tuning sentiment back to negative.

Binance’s auditor Mazars on Friday suspended services including proof of reserves (PoR) for crypto exchanges. It caused massive selling in the crypto market due to the existing Binance FUD. BTC price fell over 4% to hit a low of $17K. Thereafter, a market-wide selloff was seen in cryptocurrencies related to Barry Silbert’s DCG. Crypto influencers believe Genesis and Grayscale could face insolvency.

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Can Bitcoin (BTC) Price Hit $19K?

Crypto analyst CredibleCrypto in a tweet on December 17 shared two scenarios for Bitcoin (BTC) price as it tagged the $16.5K support level again. He remains bullish on Bitcoin price rising over $19K in the short term.

Bitcoin Price Prediction. Source: CredibleCrypto

Bitcoin price must hold the $16.5K level to rebound from the level. He predicts the BTC price will touch $17.3K first and should break the $18K resistance to rally towards $19K.

However, if the BTC price breaks below $16.5K support, it can only go to $15.6K. A low of $15K is difficult unless something major happens in the crypto industry. Currently, the BTC price is trading at $16,728. The 24-hour low and high are $16,584 and $17,289, respectively.

Bitcoin holding the support level will also influence Ethereum price to bounce from the $1,070 level. He predicts ETH price to recover above $1,300 in the short term. The ETH price is currently trading at $1,178. The 24-hour low and high are $1,162 and $1,255, respectively.

Also Read: Ethereum (ETH) Price Records December’s Largest Liquidation

Meanwhile, Binance FUD pushes back traders as on-chain data by Glassnode reported under-reporting of Bitcoin in Binance’s self-reported proof of reserves. Binance’s native crypto BNB has tanked almost 18% in a week. The BNB price is currently trading at $235, down 6% in the last 24 hours.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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