Bitcoin Price Prediction as Tether Fears Uncertainty and Doubt Sends BTC to $22,000 Level – Where is BTC Going Now?

The price of Bitcoin has been very volatile over the past few days due to the uncertainty surrounding Tether, the world’s largest stablecoin. Tether has been facing legal issues, which have led to fear, uncertainty and doubt in the cryptocurrency market, causing BTC to fall to the $22,000 level.

Meanwhile, several well-known cryptocurrencies, including Litecoin (LTC) and Dogecoin (DOGE), also saw slight price declines.

The recent decline in the crypto market could be attributed to the release of US manufacturing figures and concerns about the accessibility of banking services for crypto companies in the US.

In this article, we will take a look at the current state of the cryptocurrency market and make a Bitcoin price prediction for the coming days.

Silvergate Uncertainty, Weakening Crypto

After the market closed on Wednesday, Silvergate filed a report with the Securities and Exchange Commission (SEC), announcing a delay in submitting its annual report as it assesses the impact of several events on its operations.

As a result, the value of cryptocurrencies, including Bitcoin, fell sharply and showed mixed signals. It should be noted that the Silvergate event had a significant impact on the value of cryptocurrencies.

It should be noted that Silvergate Capital (SI) announced on Wednesday evening that it would delay the submission of its annual report due to losses incurred following the November FTX crash and several regulatory investigations.

Consequently, this had a negative impact on market sentiment, causing investors and traders to lose faith in the stability and security of the crypto industry, which could lead to a sell-off in the market.

Additionally, the backlash Silvergate Capital is facing has led to increased regulatory scrutiny of the cryptocurrency industry, making authorities more hesitant to issue licenses to crypto-related businesses. This could potentially limit the growth and expansion of the industry.

Risk aversion in the Bitcoin market

The global cryptocurrency market is poised to end the week on a bearish note due to a range of factors. The release of strong economic data in the United States has sparked speculation that the Federal Reserve may take more aggressive action to combat persistent inflation by raising interest rates.

Investors and traders are watching economic indicators closely in anticipation of possible rate hikes and inflation. With a strong economy and inflationary pressures still present, it is likely that the Federal Reserve will raise its key rate to a higher level than expected at the end of last year.

bitcoin price

Bitcoin is currently priced at $22,357 with a 24-hour trading volume of $18.5 billion, showing a decline of 0.25% in the last 24 hours. Similarly, Ethereum is trading at $1,570 with a 24-hour trading volume of $6.7 billion and has fallen 0.15% in the past 24 hours.

According to the technical analysis, the BTC/USD pair might break the symmetrical triangle at the $23,250 level. In such a scenario, the BTC price may be exposed to the $22,046 support zone. Another breakdown below this support zone could send BTC down to $21,450.

Additionally, the presence of a bearish engulfing candle indicates a strong selling bias. However, if the candles close above this level, a bullish bounce may occur targeting $22,800 or higher towards the $23,750 mark.

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Bitcoin Alternatives

Investors interested in buying Bitcoin may want to explore alternative options that offer greater near-term growth potential.

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^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}

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