The BitTorrent price prediction is hanging by a thread as the recent breakout turned out to be a fakeout. On Wednesday, BTT broke out of the downwards trendline, and many investors loaded their bags, anticipating a huge pump. However, the price plummeted again on Thursday as Bitcoin dipped below $37,000. At the time of writing, the price is trading at $0.00000166, which translates into a 25% decrease from last month’s highs.
BTT is the utility token of the BitTorrent protocol, which was acquired by Tron Founder Justin Sun in 2018. However, last year, Justin took an exit from the Tron in order to work for crypto legalisation in Latin America. The tech billionaire faced a massive backlash as the Tron community didn’t take his exit very well. The news also affected BitTorrent crypto as many holders got rid of their bags.
In order to build an ecosystem around the BTT token, the team launched BitTorrent blockchain in December 2021. This new chain is a cross-chain heterogeneous interoperability protocol which could act as a sidechain for the scaling of smart contracts. As per the latest BitTorrent news, the liquidity of Kyber Swap on BTTC has surpassed $13 million with a trading volume of $8.1 million.
BitTorrent Price Prediction
It is important to note that the BTT token supply was diluted by a factor of 1:1000 a few months ago. The coin also migrated to a new token contract. This update increased the circulation supply of BitTorrent by 1000 times.
Technical analysis of BTT USD price chart paints a very bearish picture for the native asset of BTTC blockchain. At the time of writing, the coin is trading at $0.00000166, which is 51.4% below is January 2021 ATH of $0.00000343. There seemed to be some support at $0.00000165-$0.00000171 region, but the price is about to break below this level. This breakdown could invalidate any bullish BitTorrent price prediction.
If the price breaks above the $0.00000172 level once again, the tables can turn. However, such a move seems to be quite unlikely in the current market scenario.