Earlier this week, the price of the world’s largest cryptocurrency Bitcoin (BTC) surpassed the $20,500 levels. This has led to great debate that the next bull run in Bitcoin will start very soon. In this article, we will talk about the expectations of five analysts for the cryptocurrency and the latest price action of Bitcoin. Here are the details…
Michael van de Poppe drew attention to these levels for Bitcoin price
Michaël van de Poppe said that BTC was rejected in the $20,800 price zone. He stated that Bitcoin is still in resistance here. However, he states that the cryptocurrency received rejections around $ 20,800. At this point, he says he does not prefer long-term trades and is technically examining the scenario given in the chart. He says the area he’s watching is around $19,900 to $20,200. If it finds support near $19,600 to $19,900, it points to a good price range for a long position in BTC.
But at the time of writing, Bitcoin is changing hands at $20,916. In other words, it has slightly exceeded the $ 20,800 that the analyst pointed out. However, time will tell whether this price will be sustained or not.
How will this weekend go?
Popular trader CryptoYoddha also shared his expectations for Bitcoin price. “After a prolonged downtrend, this is in the current range-bound phase,” he summed up to his Twitter followers. “Smart money/Corporate players aim to create or take positions without significantly increasing the price. I feel uplift,” he said.
Meanwhile, economist, trader and entrepreneur Alex Krueger has put forward a scenario for the coming days. According to the analyst, the coin may retest recent lows before returning with important news from the Fed next week. He suggests that this weekend will be quiet.
What does the on-chain data point to?
It is always a difficult task to tell where the BTC price will go next. But to understand what’s going on, analysts are also looking at on-chain data. According to the Glassnode report, active address growth for Bitcoin has stalled. The total number of BTC transactions on the blockchain has dropped. For some, this could be a trophy in BTC price expansion. The total number of non-zero BTC addresses is also on the decline. This decline last occurred in November 2018. followed by a Bitcoin price correction.
One of the focus for bitcoin price is miners
cryptocoin.com As we reported, while the Bitcoin price has been struggling around $20,000 for a while, Bitcoin miners find it very difficult to continue their operations. Earlier this year, Bitcoin miners sold their BTC reserves in large quantities, and this scenario could be repeated once again. Bitcoin, the world’s largest cryptocurrency by market capitalization, will likely face additional selling pressure if mining companies start filing for bankruptcy, according to crypto analytics firm Messari.
Public Bitcoin miners had to sell their Bitcoin holdings in order to finance their operations. Mining companies are struggling to stay put due to the increased difficulty of mining Bitcoin and the blow of falling prices. In addition, miners are struggling to pay their electricity bills due to high costs. Earlier this week, Core Scientific, the world’s largest Bitcoin mining company, shocked the industry by citing the possibility of bankruptcy due to its difficult financial conditions. Leigh Drogen, CIO of Starkiller Capital, claims that every Bitcoin miner suffers from the same affliction. This indicates that the mining industry may be facing a major crisis.
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