Bitcoin Price Prediction as BTC Prepares For 30% Move Up
During the European session, Bitcoin is trading slightly bearish amid a bearish correction after completing a 61.8% Fibonacci retracement at the $21,000 level. After reaching its greatest levels in six weeks on October 28, the leading cryptocurrency lost roughly $800, or 2%.
At press time, Bitcoin was trading at roughly $20,200, exhibiting more consolidatory trading behavior than a big correction.
Technology companies saw a significant 20% drop in after-hours trading as a result of Amazon missing earnings expectations. Over $230 billion was wiped off Amazon's market valuation after the market closed, the largest such decrease in history.
CEO Andy Jassy said in the company's Q3 earnings release,
"There is obviously a lot occurring in the macroeconomic climate, and we'll balance our investments to be more streamlined without jeopardizing our major long-term, strategic commitments."
Amazon's decline this year is indicative of the uncertain situation in which tech titans around the world have found themselves, but it has not prompted similar actions in the cryptocurrency markets.
Meta has also suffered harsh consequences, with its stock price dropping below $100 this week, bringing it back to 2015 levels.
According to Alex Krueger, an economist, trader, and entrepreneur, this is a dramatic shift from the end of 2021, when the price of Netflix stock plummeted in tandem with the company's bad performance.
The price of Bitcoin (BTC) is closely related to the value of equities, notably the value of technology stocks. On a daily timeframe, the connection between Bitcoin, the most valuable cryptocurrency by market capitalization, and the S&P 500, which has a high-tech component, reached 0.73.
Over the past week, there has been a
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