✍️ 14 October, 2022 – 10:43 👤 Editor: Jakub Motyka
- The price of Bitcoin (BTC) has remained in the range of 19,000 dollars in recent days.
- Analysts observe the possibility of a new drop to $12,000 according to a new price prediction for Bitcoin.
- Will this be the bottom of Bitcoin’s downtrend?
According to recent on-chain analysis, the forecast says that Bitcoin (BTC) could be bottoming and is in danger of falling again due to low volume. If so, the new target price would be the range of USD 12,000. The cryptocurrency market has been hit hard by global geopolitical and economic conditions. This has made high volatility assets, such as BTC, less attractive to investors, and therefore less traded.
Recently, several countries have signaled the commitment to create legislation for the regulation of cryptocurrencies. This, together with the constant rises in interest rates and the strong feeling of aversion to economic risk have led to several falls in BTC and the market. As if that were not enough, the conflict between Russia and Ukraine has led to a significant increase in the price of different resources such as electricity. Despite the current market conditions not being the most favorable, Bitcoin has managed to stay within a range.
Could The Price Of Bitcoin (BTC) Fall Further? This Is What The Last Price Prediction Says
As stated earlier, market conditions have pushed Bitcoin (BTC) below $20,000. Several analysts warn that, if the range of USD 17,500 is broken, the prediction is for Bitcoin to fall, possibly, to the next resistance at USD 12,000.
According to Glassnode analysis, the vast majority of recent Bitcoin buyers are short-term holders. That is, they have held their tokens for less than 155 days. Many of these large investors have purchased their assets above USD 20,000. However, many of these whales could sell should market conditions turn unfavorable. This could trigger a sell-off event due to low volume, sending BTC into a tailspin.
What Will Happen To The Crypto Market In The Following Days?
Despite the above, the market is preparing for a subsequent change in trend. The price of BTC in the daily and weekly scheme has entered the oversold zone. At the same time, Bollinger Bands, a momentum indicator based on two standard deviations, have started to contract. Typically this occurs before a directional move. While the short-term scenario is grim, we could be reaching the end of the trend.
More crypto news:
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- Binance, We Want To Know The Amount Of Terra Luna Classic (LUNC) Burned
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