2022-11-26 23:45 |
With only one month left before the year ends, the crypto market has kept investors and traders baffled by its sudden moves.
November was a month of major changes for the global crypto market, with the FTX fall leaving skeptics and crypto enthusiasts confused about the future of the sector.
The global crypto market cap fell to as low as $730 but managed to make a mild recovery from the multi-month lows seen in November. The last month saw Bitcoin (BTC), Ethereum (ETH), and most altcoins dip to their multi-month price lows as the FTX conundrum spelled trouble for crypto holders.
However, short-term gains have been tempting investors to get back into the market. Crypto market advocates believed that BTC and alts were, in fact, available at a Black Friday Discount with prices this low.
Nonetheless, larger market volatility and sharp price swings kept challenging analysts’ predictions of a bright future. In addition to that, regulatory concerns loomed over the global crypto landscape as participants speculated the fate of FTX founder Sam Bankman-Fried.
So, here are some big realistic crypto predictions for December 2022.
Crypto price predictionsWhile Bitcoin’s price tested the multi-month low of around $15,000 and was still in a larger bearish trend, a lot of analysts were of the opinion that Bitcoin’s price had bottomed. A CryptoQuant analyst said that the BTC price wouldn’t fall below the $15,000 mark.
The analyst advocated that a BTC dead cross was coming soon and Bitcoin price was close to the bottom. According to the analysts’ thesis, when Bitcoin UTXO’s short-term dominance falls below long-term dominance, the price of Bitcoin shows a significant rise.
BTC UTXO Age Bands | Source: CryptoQuantBasing the prediction on Bitcoin UTXO Age Bands, the analyst said that a dead cross was coming soon and a BTC price bottom had most probably reached.
Another analyst called CryptoKaleo on Twitter predicted that LTC price could make some blasting moves before the end of this year. The analyst said that LTC/BTC chart appeared to be long overdue for a solid pump.
The analyst further said that LTC’s price works in a way where it slowly bleeds down sideways for a long time. That is followed by a quick pump up to 0.02 BTC when the global crypto market remains bearish.
Alright, starting to believe this is the real deal for $LTC / $BTC.
It's long overdue for a solid pump.
Here's how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish. pic.twitter.com/OV9w45ml6H
Analyst RektCapital cautioned crypto traders about altcoins. He said that many altcoins appeared to be turning old supports into new resistances. RektCapital further added that until altcoins are able to reclaim these recently lost levels, it’s better to be cautious.
Many Altcoins appear to be potentially turning old broken down supports into new resistances
Until Altcoins are able to reclaim these recently lost levels, it's better to be cautious#BTC #Crypto #Bitcoin
One issue that overtook the global crypto market was Sam Bankman-Fried (SBF) and his fallen exchange FTX, which led to larger market sell-offs. SBF and FTX didn’t just affect the global crypto market cap but also the idea traditional finance fanatics had of the crypto market.
With skepticism around cryptocurrencies on the table once again, mainstream media weighed in on SBF’s chances of landing in prison. A Fortune article argued that SBF could be safe from prison since FTX is an offshore business headquartered in the Bahamas.
Since FTX didn’t cater to Americans, defense lawyers could argue that the actions of its executives are beyond the reach of the U.S., which means it is also beyond the reach of the U.S. DOJ and the U.S. SEC.
Another lawyer claimed that SBF’s behavior and FTX’s business practices demonstrated fraud; thus, SBF could face some time in jail. However, looking at Do Kwon and the Terra situation, it feels like FTX chief SBF could see some major penalties, but time in jail is unlikely.
Regulatory predictions for DecemberThis year saw the fall of two major crypto projects – Terra and FTX. The same has raised some concerns among regulators. Sir Jon Cunliffe, the Deputy Governor of the Bank of England has been weighing on regulations. He said that after the FTX collapse, the crypto sector could need more oversight.
In addition to that, Belgium’s financial regulatory authority recently said that they don’t consider BTC and ETH as securities. The Belgium Financial Services and Markets Authority (FSMA) gave explanations in a recent report indicating that the cryptocurrency sector could be more regulated going forward.
Thus, amid an uncertain macroeconomic environment, cryptocurrencies could face more struggle and regulations going forward.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
The post 3 Huge Crypto Predictions for December 2022 appeared first on BeInCrypto.
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