Wrapped Bitcoin Price Prediction — Will WBTC Hit $70K Soon?
- Bullish WBTC price prediction is $53,092 to $66,950.
- WBTC price will also reach $70K soon.
- WBTC bearish market price prediction for 2022 is $29,308.
In Wrapped Bitcoin (WBTC) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about WBTC to analyze the future movement of the cryptocurrency.
WBTC Current Market Status
According to coingecko, the price of WBTC is $46,902.48 with a 24-hour trading volume of $379,872,108 at the time of writing. However, WBTC has increased to 0.2% in the last 24 hours.
Moreover, WBTC has a circulating supply of 258,840 WBTC. Currently, WBTC trades in cryptocurrency exchanges such as Binance, OKEx, FTX, Huobi Global, and HitBTC.
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin is an ERC20 token representing Bitcoin on the Ethereum blockchain. There is a 1:1 ratio of Bitcoin behind every WBTC. Wrapping Bitcoin can transfer Bitcoin faster on the Ethereum blockchain and opens up the possibility of using BTC on Ethereum. ecosystem.
Wrapped Bitcoin (WBTC) Price Prediction 2022
Wrapped Bitcoin holds the 17th position on CoinGecko right now. WBTC price prediction 2022 explained below with a weekly time frame.
The horizontal channel trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal and the prevailing direction of price action is sideways.
Currently, WBTC is at $46,996. If the pattern continues, the price of WBTC might reach the resistance level to $66,950. If the trend reverses, then the price of WBTC may fall to $30,800.
Wrapped Bitcoin (WBTC) Support and Resistance Level
The below chart shows the support and resistance level of WBTC.
From the above weekly time frame, it is clear the following are the resistance and support levels of WBTC.
- Resistance Level 1 – $53,092
- Resistance Level 2 – $65,102
- Resistance Level 3 – $76,292
- Support Level 1 – $45,191
- Support Level 2 – $38,466
- Support Level 3 – $29,308
The charts show that WBTC has performed a bullish trend over the past month. If this trend continues, WBTC might run along with the bulls overtaking its resistance level at $76,292.
Accordingly, if the investors turn against the crypto, the price of the WBTC might plummet to almost $29,308, a bearish signal.
Wrapped Bitcoin Price Prediction 2022 — RVOL, MA, and RSI
The Relative Volume (RVOL) of WBTC is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of WBTC lies below the cutoff line, indicating weaker participants in the current trend.
More so, the WBTC’s Moving Average (MA) is shown in the chart above. Currently, WBTC is in a bearish state. Notably, the WBTC price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of WBTC at any time.
Meanwhile, the relative strength index (RSI) of the WBTC is at level 39.29. This means that WBTC is in a nearly oversold state. However, this gives confidence for the traders to trade without any fear.
Wrapped Bitcoin Price Prediction 2022 — ADX, RVI
Let us now look at Wrapped Bitcoin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System. This system attempts to measure the strength of price movement in the upward and downward directions using DMI indicators with ADX.
The above chart represents the ADX of Wrapped Bitcoin. Currently, WBTC lies in the range at 44.46, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of WBTC. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of WBTC is above the 50 level, indicating that the direction of volatility is high. In fact, WBTC’s RSI is at the 39.29 level thus confirming a potential sell signal.
Comparison of WBTC with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum and Wrapped Bitcoin.
From the above chart, we can identify the trend of the BTC and WBTC is moving at the downward trend. But, the recent trend of ETH moves in an upward direction.
Conclusion
With continuous improvements in the Wrapped Bitcoin network, we can say that 2022 is a good year for WBTC. For this reason, the bullish price prediction of Wrapped Bitcoin in 2022 is $66,950. On the other hand, the bearish WBTC price prediction for 2022 is $29,308.
Furthermore, with the advancements and upgrades on the WBTC ecosystem, the performance of WBTC would rise reaching $65K very soon. But, it might also reach $75K if the investors believe that WBTC is a good investment in 2022.
FAQ
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that runs on the Ethereum blockchain.
WBTC has listed on many crypto exchanges which include Binance, OKEx, FTX, Huobi Global, and HitBTC.
With the ongoing developments and upgrades within the WBTC platform, it has a high possibility of reaching its ATH soon.
On Nov 10, 2021, WBTC reached its new all-time high (ATH) of $70,643.40.
Wrapped Bitcoin seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of WBTC in the past few months, WBTC is considered a good investment in 2022.
Wrapped Bitcoin (WBTC) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Wrapped Bitcoin (WBTC) will hit $70K soon.
Wrapped Bitcoin (WBTC) price is expected to reach $78K by 2023.
Wrapped Bitcoin (WBTC) price is expected to reach $85K by 2024.
Wrapped Bitcoin (WBTC) price is expected to reach $100K by 2025.
Wrapped Bitcoin (WBTC) price is expected to reach $120K by 2026.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
