Bitcoin (BTC) Price Prediction
Bitcoin (BTC) Price Prediction: Investors have been waiting impatiently for a substantial change in the price of bitcoin (BTC). Still, there’s a reasonable risk that the market will remain impatient due to a sluggish and steady price consolidation.
The price of bitcoin has been in a longer-term downturn for most of this year. Market players are watching for indications of a breakout since the BTC price has been trading below the $20,000 level for more than two weeks.
Many in the market wonder if the $19,000 level is the market bottom because there are no significant triggers for a breakout in the immediate future.
Bitcoin (BTC) price: the more extensive picture
- After the downturn in June 2022, which caused the price of Bitcoin to drop by more than 35%, BTC’s price has continued to move in a range. The price of bitcoin in mid-August reached a local high of over $25,000.
- But because bulls could not keep the price above that mark, a subsequent fall of about 25% occurred during the ensuing several weeks.
- It types sense to look at BTC’s long-term trend to understand better when the price of bitcoin may genuinely bottom after nearly four months of unchanging price action.
- According to data from Santiment, the Mean Dollar Capitalized Age (MDIA) is at an all-time high, indicating that there hasn’t been a coin distribution in a very long time. Happening the other hand, the MVRV (3-year) trend during the previous 1.5 years is very similar to the circumstances from 2017 to 2019.
- It’s important to remember that MVRV’s price bottomed out at a similar level near the end of 2018 when it displayed a similar trend.
- Additionally, since the market’s peak, the social volume has sharply decreased, and mood has been simultaneously making many more lows than highs.
Market participants are Rekt
- Bitcoin’s network-realized-profit-loss metric reveals that while participant losses were roughly the same in BTC and USD as of 2019, the price of BTC has increased by over 10 times since then. A reliable gauge of how trustworthy the market players are is the NPRL.
- Additionally, according to Glassnode statistics, realised and implied volatility for options have both reached historic lows, setting the stage for a spike in volatility in the price of bitcoin. Interestingly, despite liquidations being at all-time lows, futures open interest has risen to record levels.
- As a result, looking at the long-term data can give Bitcoin HODLers some hope; nevertheless, history does not necessarily repeat itself. In the event of a bearish outcome, the BTC price may return to $16,000 before descending to $14,000.
Also Read: How Does Blockchain Function and What Is It?
