BitTorrent Price Prediction: Could BitTorrent hit $0.000001 in 2023?

Key Takeaways:

• BitTorrent price manifested a notable upswing since the beginning of 2023 but the bear are attempting to regain their dominance that may hinder the progress of the rally
• The token with a bullish start, may try to maintain a rising trend for the rest of year and slash a couple of zeros in its price by the end of the year
• The social dominance and the sentiments have dropped heavily which may negatively impact the price in the coming days

Additional Read: Important Crypto Lessons In 2023

BitTorrent Price History

• The project went live on the Tron mainnet in January 2019 and its pivotal platform, decentralized file-sharing protocol BTFS was launched in October 2019
• Further in December 2021, BitTorrent (BTTC) chain was launched and successively old BTT tokens were migrated to a new contract address and redominated to a ratio of 1:1000
• However, the price remained largely influenced by the bears ever since its relaunch and recorded a drop of more than 76%
• Presently, the token is attempting to go long but the traders appear to have distanced themselves largely due to which the consolidation phase could prevail

BitTorrent Technical Analysis

Source: Tradingview

• After the gigantic fall in May 2022, the price regain bullish momentum and raised slightly high but the bearish cartel slashed the price extremely lower
• The price now appears to have reached the pinnacle of the descending consolidation within a falling wedge
• Presently, after testing the upper resistance, the BTTC price is facing some hindrance in clearing these levels and hence flash 3 possibilities 
• The price may either regain strength and raise high slicing through the upper resistance levels, else the risen dominance of bears may slash the price towards the lower support that may trigger a rebound
• The third outcome is the price failing to sustain within the wedge and plunging hard piercing through the lower support which is unlikely considering the present trade set-up

Overview of BitTorrent On-chain Analysis:

Social Dominance

Source: Santiment

Social dominance refers to the total number of mentions or posts shared over the social media platform compared to that of the top 100 assets according to market capitalization. If the dominance is rising, then it may be termed as the mentions or posts of the token have risen compared to that of the other tokens within the top 100. Therefore, it is considered a bullish indicator. 

Woefully, in the case of BTTC, the social dominance has dropped heavily which means that the token has lost its dominance within the top 100. This may severely impact the value of the token as the market participants could shift their focus to some other platform.

BitTorrent Development Activity

Source: Santiment

The development activity of a project indicates the team behind the project working on new upgrades and features to strengthen the project. A rising development activity denotes that the team is working tirelessly for the development of the platform. This may not certainly impact the crypto price directly but considering a longer perspective, the traders remain bullish.

In the case of BTTC, the development activity has slowed to rock bottom levels. A steep plunge is recorded in the levels that indicate that the price may indicate a pullback or a minor halt in the activity. In such a case, the traders become doubtful of the token’s near future which may impact the current price.

BitTorrent Total Weighted Sentiment

Source: Santiment

The total weighted sentiment is closely related to social dominance but varies finely. Here, it combines all the positive and negative sentiments and compares them with the frequency of these mentions over time. If the sentiments rise above the average levels and sustain for a longer time, it can be determined that the traders are bullish on the token as the mentions are largely positive.

Considering the BTTC trade sup, the sentiments have reached rock bottom levels and plunged hard below the average levels. This indicates the market participants are extremely bearish and hence this may impact the current price of the token to a large extent.

BitTorrent Price Prediction for 2023

BitTorrent price has been largely impacted by the bearish market conditions to a large extent and hence is believed to remain drained for some more time. However, the bulls still remain distinct due to which the possibility of a notable rebound also diminishes. Therefore, the price could find the bottom of the current bear market around the levels close to $0.0000006 by the end of Q1, from where a significant rebound could be imminent.

By the end of the first half, the BTTC price could have begun with a recovery but remained squeezed. Moving ahead, the price may ignite a decent upswing during Q3 2023 and attain levels above $0.0000007. However, by the end of 2023, the price is believed to raise above $0.000001, slashing a zero from its price. 

BitTorrent Price Prediction for 2024

Following a bullish close, the BTTC price may begin the 2024 trade with significant strength and remain self-assured of the upcoming bullish trend. After trading within a consolidated phase throughout 2023, the price may intensify its trend in 2024 and try to begin with a minor bull run. Hence by the end of the first half of 2024, the price may be ready to explode, intending to remove a couple of zeros from its value. 

During the second half of 2024, the markets could have turned highly bullish due to which the possibility of a bull run emerges. During the Q4 trade, the price may have begun to rise and reach levels close to $0.000002 and a rise beyond $0.0000025 or $0.0000028 may validate the bullish thesis for the token ahead. 

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BitTorrent PRICE PREDICTION 2025-2030

The year 2025 is believed to remain highly bullish and the price may reach the desired levels at $0.0000028. Further in 2026, it could maintain a firm upswing and reach levels beyond $0.0000045. However the next couple of years, 2027 and 2028 may be slightly bearish as the top cryptos may be subjected to a significant correction.

By the end of 2028, the price may regain its strength and prepare to rise high due to which the 2029 trade may be largely bullish. It may reach beyond $0.0000055  and by the end of 2030, the price levels could be around $0.0000062 to $0.0000065.

Should you invest in BitTorrent in 2023? 

BitTorrent has gained immense attention from market participants in the past as it displayed giant price actions within a short time frame. Besides, the fundamentals of the token also appear to be pretty strong which may back the bullish trend, if ignited. But first and foremost before investing in BTTC or any other crypto a deep knowledge of the industry and a close observation of the chart movement is imperative.

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