Bitcoin Price Prediction as BTC Jumps Above $17,000 – How Much Higher Can it Go?

Arslan Butt

Last updated:

| 5 min read

On Monday, the Bitcoin price prediction to have a positive outlook because it has already surpassed the significant resistance level of $17,200, and maintaining a closing price above this level indicates a bullish trend for BTC. 

The BTC/USD pair opened at $17,128 on December 5 and has since increased by over 2% to reach $17,398. The pair is currently trading within a narrow range between $16,020 and $17,400, and its value has risen by nearly 6% in the past week. 

Let’s examine the key factors driving the recent price action.

US Senator intends to Convert Texas into a Bitcoin-based Oasis

Ted Cruz, a US senator, wants to turn Texas into a haven for Bitcoin and other cryptocurrencies. During a speech at the Texas Blockchain Summit 2022 in late November, the lawmaker expressed his understanding of how the cryptocurrency sector may be significant for US energy supply and technological advancement.

The senator also emphasized the sector’s potential benefits for the US energy supply and technological development. 

Cruz suggested that Bitcoin mining could be used to commercialize energy extracted from oil and gas fields, highlighting the possibility of using mining as a substitute for energy storage and supply. Furthermore, he emphasized how Texas promotes free enterprise and has an abundance of energy at low prices. It makes Texas a desirable location for the US cryptocurrency industry. 

The Republican senator also stated that he buys Bitcoin on a weekly basis, with BTC being the only cryptocurrency in his portfolio. The news that a US Senator is bullish on Bitcoin provides positive upward pressure on crypto prices.

US Equities and Crypto Correlation

The following week in macroeconomics will provide insight into the upcoming November US Consumer Price Index (CPI) release, set for December 13. Traders should pay attention to the US Producer Price Index (PPI) and unemployment data during the week, as both have the potential to cause short-term volatility. 

On December 2, US equity markets disregarded the positive labor market data and recovered from their intra-day lows, indicating that despite the recent job data, market participants do not expect the Fed to alter its approach and continue to slow the rate hike cycle.

Furthermore, despite the fact that the FTX crisis disrupted the positive correlation between US equity markets and Bitcoin, the current surge in equities indicates a risk-on attitude.

BTC Whales Reaches 2-Year Lows

On December 4, the on-chain alerts platform Glassnode tweeted some Bitcoin statistics, signaling a drop in the number of Bitcoin whales. According to the post, there are now 1,665 fewer BTC whales than there were two years ago. The previous low was 1,671 on November 22 of this year. 

Glassnode also tweeted that BTC’s transaction volume (7d MA) has dropped to a new 2-year low of $260,626,928.14. The previous low was on November 30th.

Typically, this type of decline implied that whales were selling or that there was a significant lack of demand from whales. 

Despite the reported decline in whale interest, the current price level of BTC/USD indicated a noteworthy rise in value.

Bitcoin Price

The current Bitcoin price is $17,228, with a 24-hour trading volume of $21 billion. The BTC/USD pair has surged over 1.5% in the last 24 hours. Additionally, its value has increased by around 6% in the past week.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair has broken through the $17,250 resistance level, breaking through a narrow trading range of $16,800 to $17,250. The RSI and MACD indicators are both positive, and the 50-day moving average is backing up BTC at $16,800.

Notably, Bitcoin is getting close to the next resistance level of $17,650, and a break above this could expose BTC to $18,000. On the 4-hour timeframe, BTC formed a bullish engulfing candle, just above an upward trendline level of $17,000

Bitcoin Price Chart – Source: Tradingview

Further down, Bitcoin has support at the $16,600 level, which is a 50% Fib extension, and a break below this level will expose BTC to the $16,450 level, which is a 61.8% Fib extension.

A bullish break of the $17,250 resistance level, on the other hand, could expose BTC to levels as high as 17,650 and $18,100.

Coins with Massive Potential

Given the cryptocurrency market’s bullish reversal, some coins are making headlines and are worth keeping an eye on.

IMPT: Presale to End in Less than a Week 

IMPT, another Ethereum-based platform, is a carbon-credit marketplace that will reward customers for shopping with environmentally friendly companies. These advantages will be provided in the form of the company’s IMPT token, which can be used to purchase NFT-based carbon offsets, which can then be sold or retired.

Trading on the decentralized exchange (DEX) Uniswap will begin on December 14. LBank and Changelly Pro, two centralized exchanges, will list IMPT shortly after its DEX launch.

IMPT has raised more than $14.1 million since its initial public offering in October, with 1 IMPT currently trading at $0.023. IMPT.io, a new platform for carbon offsetting and carbon credits trading, will end its token presale early on December 11th due to its phenomenal success.

Visit IMPT Now

Dash 2 Trade (D2T)

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. 

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $8.4 million. The sale is very close to entering its fourth phase, with over 96% of stage 3 tokens now sold. When the sale enters its next stage, prices per token will be lifted to $0.0533 from $0.0513.

Visit Dash 2 Trade here

RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and…

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