Bitcoin price demands $ 17,000, but the final surrender may not yet be there: Analysis
Bitcoin price demands $ 17,000, but the final surrender may not yet be there: Analysis
The price of Bitcoin has dropped by over 75 % since its high in November 2021, and there are several reports that claim that the valley sole has been reached.
A well -known analyst warned that we could be in the middle of the bear market and indicated that there could be more pain around the corner.
The worst is still coming?
While he analyzed the current Bitcoin landscape and focused on the stock-to-flow ratio, the strategist (Gigi Sulivan) contradicted some claims that the BTC price could have already reached its low point. Remember earlier assumptions that were based on the surrender of the miners, the behavior of strong owners and the long -term offer that reaches a new all -time high.
Sulivan believes that Bitcoin could enter the green S2F zone (picture below) if its price reaches $ 20,000 to $ 22,000, which could trigger another upcoming sale. He added that such an increase could take place later this week if the US CPI numbers are better than the total estimates.
Bitcoin Stock to Flow / Price. Cryptoquant
"There is a little chance that we are [the] same position as in July 2018 and not how many think, either at the end of the cycle or shortly before the final surrender like the end of 2018." - Sulivan Castle.
He also warned that 2023 could get worse for Bitcoin, depending on the macroeconomic environment and whether the USA and other countries are in long recessions.
The analyst predicted in March 2022 when the BTC price was still well over $ 40,000 that it could fall under $ 16,700, and based its dark but correct forecast on the same S2F ratio.
fear and greed do not move
also the index, which calculates the general mood of BTC from various data such as surveys, volatility and comments on social media, does not draw a good picture.
It generally moves depending on the price fluctuations from Bitcoin from 0 (extreme fear) to 100 (extreme greed). Given the market situation last year or so it is no surprise that it has not been represented in the latter for a long time.
However, it is quite regularly immersed in extreme fear of fear and is now, even though the cryptocurrency skyrocketed overnight and recorded a monthly high of over $ 17,000. This only shows that such minor price increases do not deceive the community and it is still a long way for the overall perspective. Bitcoin fear and greed index. Alternative I.