Bitcoin Price Drops 6%, Slow Growth Predicted
The Impact of Falling Bitcoin Price on Its Forecast
In the last week, the price of Bitcoin has fallen by more than 6% and indicators point to more quiet days ahead. After Bitcoin successfully crossed the $44,000 mark, the growth momentum receded. It fell victim to a price correction as both its daily and weekly charts turned red.
Bitcoin Slows Down
Considering the latest data, investors should expect the price action of the king of cryptos to remain slow. CryptoCon of X (formerly Twitter) analyst recently revealed that Bitcoin has reached its last, slight resistance point on MVRV before hitting the red zone. Therefore, investors must remain patient until the MVRV ratio of BTC crosses the red line before the coin begins to register price increases.
Bitcoin’s Social Metrics Have Dropped
Bitcoin’s social metrics have dropped in the last week. Its social volume fell, indicating a decline in its popularity. The negative sentiment around the coin remained high, as evidenced by the drop in its weighted sentiment.
The Derivatives Market Looks Bearish
A look at Bitcoin’s derivatives market showed another bearish signal. Both the funding rate and the open interest of BTC have risen in the recent past. This means that futures investors are actively buying BTC while the price remains low, increasing the chances of the trend continuing in the coming days.
Bitcoin’s Price Forecast for 2023-24
A look at BTC’s daily chart showed even more bearish indicators. Its MACD showed a clear bearish crossover. In addition, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) recorded declines. According to the Bollinger Bands, the price of BTC is entering a less volatile zone. This increases the chances of a few more quiet days before BTC starts a new bull rally.
Conclusion
Despite the current bearish trend, Bitcoin remains an intriguing investment option. However, investors should remain patient and carefully observe market trends before making decisions. It is always advisable to be well-informed and possibly seek professional advice before investing in volatile asset classes like cryptocurrencies.
Sources: CoinMarketCap, Santiment, Coinglass, TradingView
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