After analyzing KryptoQuant, there are several Bitcoin indicators showing similarities between the price action after the ATH and the current trend, suggesting that there will be one final push before a bigger decline.
Current price promotiong dong with ATH after the period $ 64,500
There are 3 key metrics involved here. The first is the exchange’s reserves, which represent the amount of BTC that is currently in the exchange’s wallets.
BTC reserve on the stock exchange after ATH compared to now | Source: CryptoQuant
Looking at the graph above, there seems to be a similarity between the two periods, with both prices and reserves dropping at the lower bound.
Next is the Estimated Leverage Ratio, an indicator that shows a trader’s average leverage. It is calculated by dividing the open contract by the reserve on the exchange.
BILLIONdepend on lAh boatnbnYes | Source: CryptoQuant
And this indicator, too, is similar – falling – both now and in the post-ATH period.
Finally, there is the Spend Output Return Ratio (SOPR), which is calculated by dividing the ratio between the actual value (USD) and the spent transaction value.
In simpler terms, this indicator shows whether the Bitcoin wallets sold are making a profit or a loss.
SOPR BTC in 6th Last month | Source: CryptoQuant
It appears that the value of SOPR has fallen below 1 in both periods. This value indicates that investors have sold at a loss (while a value above 1 has the opposite meaning).
If the current trend is actually the same post-ATH trend as the indicators above imply, it means that the price of BTC will soon rise and hit a local high. Just like last time, a sharp decline could follow and push the price lower. So this uptrend will be the final uptrend for a while.
At the time of writing, Bitcoin is around $ 45,000, down 10% over the last 7 days and 1.2% m / m. Here is a graph showing the trend of BTC over the past three months:
price CLEARitcoin goes sideways after being immersedOhcmNSn | StupidOhn: TradingView
Still, there are still optimists in the market. The co-founder and CEO of the blockchain platform Celsius Network says Bitcoin could hit a new record high this year if one condition is met.
In interview Alex Mashinsky recently commented that Bitcoin could break through an important area of resistance to hit new record highs for the rest of the year if new buyers inject enough capital into the market.
“If new buyers invest enough capital in BTC, the price will spin and retest $ 53,000 to $ 55,000. If it breaks these levels, Bitcoin will hit new highs this year. “
Mashinsky still believes Bitcoin can hit a price of at least $ 140,000 in the coming months, despite the fact that the leading cryptocurrency fell from nearly $ 53,000 to below $ 43,000 earlier this week.
“I’m still sticking to my prediction that BTC will hit $ 140,000 to $ 160,000. But maybe in the first quarter of next year because of a flash crash and Chinese miners have to migrate. The price will definitely be higher. “
CEO Celsius says Bitcoin adoption is accelerating exponentially around the world and this is an optimistic sign for the leading cryptocurrency.
“It took 12 years for the first 100 million users to start using Bitcoin. It took 5 months to double that number. Now there are more than 200 million users around the world who own Bitcoin, have accounts. Definitely accelerates. More demand means higher prices. “
You can see the Bitcoin price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AZCoin News