Bitcoin (BTC): What to Consider Before Any Decision
Bitcoin’s performance within the previous month had nothing to entice enthusiasts, with BTC witnessing minor uptrends on its charts. Nevertheless, opinions remain diverse. While some investors trust an upcoming price surge, others expect more declines on the charts.
Surprisingly, evaluating some analyses & market indicators might offer a clear image of the issue. While publishing this, Bitcoin traded at $19,078, surrendering more than 5% on its weekly chart. That came amidst a broad financial downturn.
Ugly Days Ahead?
Amidst diverse social media speculations, multiple economists have forecasted further Bitcoin plummets in the coming days. For example, analyst and CryptoQuant’s author MAC_D recently published a BTC assessment report. He revealed that 11,900 BTC entered Coinbase on September 13.
Later, 31,200 BTCs joined derivative exchanges from Coinbase before the drastic Bitcoin price slump of September 13. He said that BTC holdings soared within derivatives exchanges before dumping Bitcoins, and whales appear to have executed short positions (intentionally) on derivative exchanges, lowering Bitcoin prices.
The increasing BTC shorts on derivative exchanges shows possible Bitcoin dips in the upcoming days. Also, a renowned cryptocurrency-influences, Mac, revealed his stance about further Bitcoin actions. The analysts trust BTC might hit $20,000 in the coming week before a drastic slump towards the value areas at the $17,000 lows.
Metrics Partaking
While the highlighted analysis and forecast confirmed darker days in the upcoming sessions for Bitcoin and the overall market, some metrics were contrary. For example, Bitcoin’s exchange inflows reduced substantially over the previous weeks, confirming a bullish sign.
Also, the token’s MVRV Ration recorded a surge, showing a potential price surge in the upcoming days. Surprisingly, the BTC active wallets with non-zero balances soared within the past seven days. That shows investor faith in the leading crypto.
Nevertheless, the figure appeared to support declines during this publication. Meantime, all datasets show nothing concrete about the marketplace. Time will reveal what Bitcoin will have in the upcoming weeks.
However, bears dominated the cryptocurrency market during this publication, though most cryptos attempted uptrends. Bearish tendencies dominate the near-term price tendencies, threatening further dips in the upcoming sessions.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
