Bitcoin Price and Ethereum Halt Downtrend; Can BTC Rally to $17,500 Today?
Bitcoin, the leading cryptocurrency, finally found support near the $16,900 level on December 7, which is being extended by an upward trendline. The second-most valuable cryptocurrency, Ethereum, is also supported above $1,240, a level that is extended by a double-bottom pattern visible in the 2-hour timeframe.
Major cryptocurrencies traded in a mixed bag early on December 7, with the global crypto market capitalization falling 0.02% to $855.67 billion on the previous day.
We will go over the technical outlook in detail later in this article, but for now, let's look at the fundamentals of the market.
Let's take a look at the top 24-hour altcoin gainers and losers.
Trust Wallet Token (TWT), MultiversX (EGLD), and Holo (HOT) are three of the top 100 coins that have gained value in the last 24 hours. TWT's price has risen nearly 5% to $2.40; EGLD's price has risen more than 4.5% to $45.28; HOT's price has risen nearly 4.5%.
Celo (CELO), Aptos (APT), and Kava (KAVA) are three of the top 100 coins that have lost value in the last 24 hours. Whereas CELO has lost about 4.70% to trade at $0.6185, APT is down nearly 4% to trade at $4.90. At the same time, the KAVA price is down over 4.8% to trade at $0.8635.
Tim Draper, the founder of Draper Associates and one of Silicon Valley's most prominent financiers, has reiterated his $250,000 Bitcoin ($BTC) price prediction, claiming the cryptocurrency will reach that number by June of next year.
CNBC reports that despite the bankruptcy of the cryptocurrency exchange FTX, Draper still expects the flagship cryptocurrency to climb by over 1,400% in less than a year.
According to his statement, the $250,000 forecast was pushed out from its initial date of late 2022 or early 2023 by six months.
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