Bitcoin Price Predicted to Drop to $34,000 Amid High Selling Pressure
Will Bitcoin Crash to $34,000? What the Data Says
The price movements of Bitcoin are moving in a parallel channel, suggesting that its value could soon drop to $34,000. The selling pressure on Bitcoin was high as its price fell by over 2%. The market indicators remained mostly bearish on the coin.
How Bitcoin Fell Below $43,000
It has already been reported how the price of the king coin crashed just a few days after the ETF approval. More specifically, BTC fell by over 7% within a 24-hour timeframe. At the time of writing, however, BTC was trading at $42,989.21, with a market capitalization of over $842 billion.
Why the Bitcoin Price Could Fall
Another possible reason for the downtrend could be that BTC’s price is running in a parallel channel. According to an analysis, the price of BTC could soon drop to $34,000 before gaining upward momentum and rising to $57,000.
Are Investors Buying BTC?
To check the larger market trend, a look was taken at the Bitcoin metrics. Our analysis of the data from CryptoQuant showed that BTC’s exchange reserve increased, meaning that the selling pressure was high at the time of writing. Bitcoin’s aSORP was also in the red zone. This means that more investors were selling at a profit.
Should Investors Wait?
Therefore, it would be a wiser option for investors to wait a bit longer to accumulate more BTC, as the mentioned metrics suggest a further price drop. A similar picture was also shown when we looked at BTC’s daily chart. Its MACD showed a bearish crossover. Its Relative Strength Index (RSI) was also below the neutral mark, increasing the chances of a continued downtrend.
Sources: CryptoQuant, Glassnode, TradingView
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