Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin
August 07 2022 - 10:30AM
NEWSBTC
It is no secret that many cryptos have been experiencing a price
plunge. As of June 18, the price of the world’s largest digital
currency, Bitcoin, fell to about $17,622. This data was taken from
Binance. Since then, there have been several conversations as to
whether or not that price will be the lowest for the asset. A
digital currency analyst from CryptoQuant has revealed the possible
price of Bitcoin in the nearest future. CryptoQuant is a recognized
digital currency resource platform. According to the analyst, the
$17,622 price mark may not be the lowest Bitcoin will see. However,
this assumption is not very solid given the level it is at the
moment. Crypto Winter Overview Many traders and investors are still
doubting if there will be a positive change soon. Several pieces of
information state the possibility that Bitcoin will still hit a
price mark lower than $20K. Related Reading: Shiba Inu Displays
Surprising Price Movement – Can SHIB Ditch The Flatline? The
scenario has made several digital currency holders sell off their
assets. Also, before now, certain major crypto firms have taken
some hard decisions due to the bearish turn of the market. A
notable example of these crypto firms is Vauld. According to
reports, the crypto lending platform had to suspend withdrawals and
reduce its headcount. This was revealed on July 4. Probable BTC
Price Going further, a cryptocurrency resource platform analyst,
Tomáš Hančar, has explained the possibility of his prediction.
According to him, the LTH SORP 20-day chart SMA is projecting a
1/3rd chance of Bitcoin hitting that bottom price mark. The
explanation of the indicator (SMA) presented above is an acronym
for 20-day chart Simple Moving Average. This represents the LTH
SOPR (Long-Term Holders’ Spent Output Profit Ratio. According to
the data, the ratio derived has been below the impartial level
worth of “one” for up to three months. Drawing from the analyst
prediction, this is 1/3rd the level that explains a potential
bottoming process. The analyst further explained the function of
the 20-day idea of the indicator he used. He cited that the idea of
the 20-day indicator was for transferring appropriate standard
lines. Buying Bitcoin Is Now, Says Tomáš Hančar After this
analysis, Tomáš Hančar concluded that buying BTC should commence
now. This is because there will be a strong bounce-off in a short
while. But, there is a drawback to be aware of, he added. That is
the probability that the digital token will drop below the $20K
price mark. According to the crypto market watch data, 47 days have
passed since the last new low of Bitcoin price. Related Reading:
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Considering this fact, the analyst suggested traders furthermore;
he cited that it will be necessary for traders to deploy a
potential breakout option. Featured image from Pexels - Chart from
TradingView.com
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