Bitcoin Price Prediction as BTC Falls Below $17,000 – How Low Can it Go?
The BTC/USD pair is trading sideways, maintaining a narrow range of $16,750 to $16,900 on December 8, but Bitcoin price prediction remains bearish following the breakout of an upward channel.
Bitcoin has dropped 75% this year from its previous high of $69,000. However, the cause of these massive drops could be attributed to various factors.
Recently, everything has negatively impacted the cryptocurrency market, contributing to losses in the world's largest cryptocurrency, Bitcoin, whether it's the dramatic collapse of FTX or increasing selling pressure as whales reduce their inflow volumes.
Aside from the FTX collapse, BTC declines could be attributed to the miner capitulation risk continuing to haunt traders looking to enter long positions.
Furthermore, according to ClimateTech Vice Chair Daniel Batten, nearly 29 mining companies account for 16.48% of the entire Bitcoin (BTC) network and use 90% to 100% renewable energy. Thereby, the BTC prices have not yet been impacted by this news.
On the plus side, PayPal, a major financial services provider, plans to launch cryptocurrency services in Luxembourg, which appears to be an effort to expand the use of cryptocurrencies across the European Union.
This news was regarded as one of the most important factors that could assist BTC prices in limiting further losses.
Meanwhile, Binance CEO Changpeng Zhao stated that there are no outstanding loans on the exchange and urged anyone to confirm this claim. This may be good news for cryptocurrency investors and the industry as a whole.
Bitcoin's downtrend could be linked to the increased risk of miner capitulation, which continues to frighten traders attempting to open long positions and puts pressure on the price of BTC.
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