Will BTC price drop to $12,000?

The top cryptocurrencies have not attracted massive attention from traders, so the bearish dominance is still evident in the cryptocurrency market. Bitcoin (BTC) is hovering around $19,400. True, despite the negative macroeconomic situation in the market, bitcoin showed an increase of almost 2 percent.

Last week, Glassnode released the weekly “DetoxGreat” newsletter. The Glassnode survey assessed some of the data that generally gives grounds for a negative outlook for bitcoin. As Bitcoin returns to the $20,000 range, analysis of short-term holders’ behavior shows a declining favorable investment environment.

Since short-term holders of cryptocurrencies have the most influence, the analysis carried out revealed a series of currency movements to link the current price behavior of Bitcoin. Therefore, if the price of bitcoin falls below the calculated minimum cycle, short-term holders may go bankrupt, against the background of large and irreparable losses of their investments.

BTC price $12,000?

In the case of a more negative bearish environment, due to the behavior of short-term holders, Bitcoin could fall to $12,000. This is likely to happen if short-term holders simply capitulate when market volatility hits.

In the face of deteriorating macroeconomic conditions and a slight drop in the price of bitcoin, short-term investors will simply refuse to hold their assets in order to protect their investments as much as possible, which could lead to a further decline in the price of bitcoin to the level of $12,000.

In April’s CryptoQuant analysis, it compared the rate of decline from last year’s new BTC highs when Bitcoin traded at $40,000 and predicted a bottom around $20,000.

If you decide to try your hand in the world of cryptocurrencies, do it with a trusted and reliable partner — FTX.

CoinShark is not responsible for the content, accuracy, quality, advertising, products, or any other content posted on the site. This article is for informational purposes, and not a proposal for action, prepared on the basis of INVESTINFO.PRO materials and information from open sources.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
CoinShark

Bitcoin Info, Fintech News, Blockchain Technology and much more About Crypto World — CoinShark.