Bitcoin Must Hold This Level Or Risk Falling To $10,000
September 13 2022 - 7:00PM
NEWSBTC
Bitcoin has seen a remarkable recovery trend that has caused its
price to surge past $22,000 once more. This is a welcome
development for the digital asset, which has been suffering from
many dips, but it is not all rosy for the cryptocurrency. Since the
market continues to remain in a bearish trend, there are levels
that bitcoin must maintain above to keep such high prices.
Otherwise, it risks falling more than 85% from its all-time high.
Bitcoin Must Hold Above $17,000 Many prominent figures in the
finance industry have shared their thoughts about where they see
the price of bitcoin going. One of those is Clem Chambers, the CEO
of ADVFN. Chambers, who is also widely known as a financial analyst
has said that for the digital asset to continue to rise, it must
make sure not to fall below $17,000. Related Reading: Here’s Where
Investors Expect Cardano (ADA) Price To Be At The End Of September
In the interview that was carried out by Daniela Cambone for
Stanberry Research, the financial analyst explained that bitcoin is
likely to reach $40,000 if it maintains strong momentum. However,
there is still a high chance that the price will reach the dreaded
$10,000 if it fails to hold the $17,000-$18,000 level.
Interestingly, even though the price of bitcoin is currently up,
Chambers believes that the bearish scenario is more likely in this
case. This means that the analyst expects the price to fall below
$17,000 and reach as low as $10,000. BTC price drops below $21,000
| Source: BTCUSD on TradingView.com Chambers’ outlook is in line
with what has been recorded in the cryptocurrency market in the
past. The assets tend to lose about 80-85% of their prices and even
more in extreme cases. This historical trend actually puts
bitcoin’s price close to $10,000 before the bottom is in. But What
Does BTC Say? Most of the pump in the crypto market recently has
been courtesy of the impending Ethereum Merge. The network had
dragged the rest of the market with it by triggering a rise in
interest in the space. However, since others such as bitcoin are
only riding the coattails of Ethereum, there is not as much
propping it up. Related Reading: Crypto Traders Bleed Heavily After
Betting Against Market Relief rallies such as the one currently
being experienced by the market have always led to profit-taking,
which increases the selling pressure in the market. Glassnode
points to this in its report, where it notes that there is profit
taking at the present level, much like what was experienced back in
June, bringing the loss dominant regime to a low 0.58, putting it
firmly in bear territory. Going by this, Chambers’ prediction for
bitcoin being more likely to fall below $17,000 than recover to
$40,000 swims into clearer view. However, the profit margins of BTC
holders have continued to rise during this time, triggering
stronger hold sentiment among investors. Accumulation has
swiftly followed this, although not as strong as needed to push the
price past $30,000. The number of new BTC addresses has seen a
significant tick, as well as the holdings of old BTC addresses,
pointing to said accumulation trend. Featured image from
Coinpedia, chart from TradingView.com Follow Best Owie on Twitter
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