Glassnode co-founders and Santiment reveal important analysis for Bitcoin price with new data and perspectives. Two major analytics firms are warning investors that “the worst is coming” for the BTC price. Accordingly, new data and explanations reveal that the price may slide to $ 15,000.
“The worst is coming for Bitcoin”
Glassnode founders said that “the worst is on the way” for Bitcoin. According to them, the negativity on Bitcoin (BTC) is mounting after the FED issues another rate hike. Founders Jan Happel and Yann Allemann said the Fed’s hawkish stance overshadows fundamental developments in the crypto space. According to them, BTC is trading below $20,000 for this reason. Also, interest rate hikes put Bitcoin at increased bearish risk along with bearish momentum. Glassnode founders said:
“Both the monetary policy and regulatory fronts bring nothing but negativity for cryptocurrencies.”
“Increasing volume and negative investor sentiment do not bode well”
The Glassnode co-founders emphasize spot volume in addition to a negative macro backdrop. According to them, there is an increase in volume while BTC’s bearish trend continues. This is data that is likely to point to more pain for Bitcoin holders. As a result, spot volume supports the bearish trend. Therefore, much more buying pressure will be required for a comeback in the future.
The duo also points to signs that investors are not optimistic about their BTC price prospects. Currently, the volume ratio from futures to spot is well below one. In addition, this data has been falling steadily since the FED’s surprise rate hike of 50 basis points in June. This development reveals that the trust and speculation in the system has decreased. However, the duo thinks that BTC will continue to trade in a wide range. According to them, this range is between $17,000 and $25,000.
“Whale accumulation continues to decrease”
Meanwhile, data from Santiment revealed interesting data on whale movements. According to the data, Bitcoin whale assets have been falling for 100 consecutive months. Santiment attributes this decline to fears of inflation and the risk of a global recession. Accordingly, the number of addresses holding 100 to 10,000 Bitcoins has reached the lowest level recorded since April 2020. This suggests that whales remain extremely cautious considering the current macro environment.
“Bitcoin could slide to these bottoms”
cryptocoin.com As we reported, BTC price is currently trading around $18,700. It is also experiencing significant downward pressure from the bears. Technical metrics suggest the price remain stable for a longer period of time as the bulls and bears continue to battle for dominance. Meanwhile, MACD line and signal line crossed each other multiple times. However, it failed to give a definite buy or sell signal. However, with the negative data mentioned above, it is possible to reverse this. According to the analyst, at this point, Bitcoin price may bottom at $15,000.
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