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.
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