Search
Search

Bitcoin’s Tipping Point: Plunge to $20,000 or a Rise to $30,000?

0
0

391 Listen to this article As Bitcoin hovers precariously above the fragile $25,000 support, the crypto community holds its collective […]

Latest News

Listen to this article

As Bitcoin hovers precariously above the fragile $25,000 support, the crypto community holds its collective breath. A break below this level could precipitate a steep fall. Yet, the uptrend dating from early 2023 remains unbroken, suggesting that a rally might be in the offing, perhaps even breaking the $30,000 resistance.

An on-chain analysis indicates an impending significant move in the Bitcoin market. But will it be a drop to retest the $20,000 mark?

The realized price of Bitcoin – which calculates the realized market cap divided by the current supply, offers illuminating insights. Historically, every time Bitcoin’s price plunged below the realized price, it marked the last phase of the bear market and heralded the onset of a long-term bull phase.This pattern held true except in March 2020, when global market shocks related to COVID-19 triggered a sudden Bitcoin price drop.

However, this momentary dip proved to be a golden buying opportunity.The dynamics of the current cycle mimic previous patterns. In June 2022, Bitcoin went under the realized price, only to bounce back by January 2023, following the FTX exchange collapse in November 2022.

The Big Question: A Dip to $20,000?

With Bitcoin currently treading on thin ice around $25,000, the burning question is: could we see a slide to $20,000?

Data from the realized price chart suggest this is a feasible scenario. Analyst @WClementeIII’s insights further echo this possibility. In his recent analysis, he highlights the potential for Bitcoin to touch the lower bounds of his projected range and underscores such dips as buying opportunities.

Read Also:  Is the Bitcoin (BTC) Price Rally in Danger? ETF Bears Warn

Low Volatility Predicts Impending Movement

Adding to the mix, analyst @el_crypto_prof has spotlighted Bitcoin’s unprecedented low volatility, as evident in the BBWP (Bollinger Band Width Percentile) for Bitcoin’s 2 week chart. With Bitcoin volatility at an all-time low, a significant movement is anticipated. 

In summary, Bitcoin’s future seems poised on a knife-edge. A bearish outlook might see Bitcoin plummeting near the $20,000 mark, presenting an attractive entry point. However, a bullish trajectory could see Bitcoin aiming for the $30,000 milestone, especially with the upcoming Bitcoin halving event. The crypto landscape waits with bated breath.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase