Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

It’s no secret that many cryptocurrencies have been experiencing price drops. As of June 18, the price of Bitcoin, the world’s largest digital currency, has fallen to around $17,622. This data was taken from Binance. Since then, there have been many conversations about whether or not this price will be the lowest for the asset.

CryptoQuant cryptocurrency analyst has revealed the likely price of Bitcoin in the near future. CryptoQuant It is a recognized digital currency resource platform. According to the analyst, the $17,622 price tag may not be the lowest price Bitcoin could see. However, this assumption is not very strong given the current level.

Winter coding overview

Many traders and investors are still skeptical whether there will be a positive change soon. Numerous information indicates that Bitcoin may continue to reach the $20K price mark.

The scenario has made many holders of cryptocurrency sell their assets. Also, before now, some of the major crypto companies have made some tough decisions due to the bearish turn of the market. A notable example of such crypto companies is Fold.

Analysts Expect Bitcoin to Fall Soon, But Suggest Buying Bitcoin
Source: CryptoQuant

According to reports, the crypto-lending platform has had to suspend withdrawals and reduce the number of its staff. This was revealed on July 4th.

Potential bitcoin price

Going forward, Crypto Resource Platform Analyst Tomáš Hančar clarified its anticipation. According to him, the 20-day SMA LTH SORP chart is expected to be 1/3research and development The chance of Bitcoin reaching the lowest price level.

Explanation of the indicator (SMA) displayed above is an acronym for the simple moving average of the 20-day chart. This represents the LTH SOPR (Long Term Bearer Spent Profit Profit Ratio.

According to the data, the derived ratio was below the neutral level “one” for up to three months. Relying on the analyst’s prediction, this is the 1/3 level that explains the potential bottoming process.

The analyst further explained the functionality of the 20-day idea of ​​the indicator he used. He pointed out that the idea of ​​the 20-day index was to convey the appropriate standard lines.

Tomas Hangar Says Buying Bitcoin Is Now

After this analysis, Tomáš Hančar concluded that buying BTC should start now. This is because there will be a strong bounce in a short period. But he added that there is a drawback you should be aware of. This is the potential for the digital token to drop below the $20,000 price tag.

Analysts Expect Bitcoin to Fall Soon, But Suggest Buying Bitcoin
Bitcoin Price Maintains Uptrend Source: BTCUSDT TradingView

According to crypto market watch data, 47 days have passed since the last new bitcoin price drop.

Given this fact, the analyst suggested traders moreover; He indicated that it would be necessary for traders to publish a potential breakout option.

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