NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Could Fall by 20% to Bottom Around $8,000: Network Value Model

Nick Chong
Nick Chong
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend.

Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Four Figures

In fact, the asset has lost around 25% since hitting $13,200, reaching a multi-week low of $9,750 on Monday. Despite the fact that analysts are expecting for bulls to experience some short-term reprieve, indicators suggest a drawn-out move to $8,000 — 20% lower than current levels.

Bitcoin at $8,000, Could it Happen? 

So, what is making analysts suggest that a move to $8,000 could come to fruition?

Firstly, Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is overvalued. This is an evident reference to the fact that Bitcoin, like other technological phenomenons, can be valued by its number of users, transactions, and other key statistics.

I hate short term price predictions but fundamentals tell me #bitcoin should be at about $8k right now. pic.twitter.com/z8PIU8mCdb

— Timothy Peterson, CFA CAIA (@nsquaredcrypto) July 14, 2019

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.

Sure, Bitcoin has deviated from its fundamental value on certain trading days, but as the analyst explained in a different tweet, in the medium to long term, network value should reflect actual value.

Peterson isn’t the only analyst eyeing $8,000. In a tweet issued on Saturday, Josh Rager, a prominent technical analyst and cryptocurrency commentator, looked to this level.

https://twitter.com/Josh_Rager/status/1150034769637498880

Rager notes that a “confluence” of chart data and on-chain data suggests that a pullback “would likely bottom out at $8,000”. As he explained in the chart above, $8,000 acted as a key horizontal support and resistance level in the recent rally and 2018’s crash.

What’s more, there is also a CME Bitcoin futures gap around $8,500, which is one of the last gaps waiting to be filled.

And as Alfonso Esparza, senior market analyst at Oanda Corp, recently told Bloomberg: “[Bitcoin] continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency. It could fall further to $8,000, giving back all the gains made in June.”

Ready to Rally Into Year End

While the outlook is currently negative, there are signs that Bitcoin will recover hard into the end of 2019.

Peterson recently laid out a model which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.

Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate.

Related Reading: Refreshed Model: Bitcoin (BTC) to See $100,000 After 2020’s Halving

According to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.

A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is realistic.

Also, Thomas Lee, the co-founder of Fundstrat Global Advisors, believes that BTC will rally to $20,000 or even $40,000 in the fourth quarter, citing the increased awareness of cryptocurrencies caused by Donald Trump, Libra, monetary policy, and macroeconomic events.

Featured Image from Shutterstock
Tweet123Share311ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Trendošā jaunā mēmu monēta TOKEN6900 gatavojas uzlidojumam – vai tā būs nākamā SPX6900?

Trendošās mēmu monētas TOKEN6900 (T6900) cena gatavojas kāpumam “sliktās ziņas = labas ziņas” scenārija dēļ, ko šodien gaida no NFP...

lasma 3 hours ago
Crypto Market Heats Up as Corporate Bitcoin Treasuries Reach 1M – Here are the Best Cryptos to Buy

Crypto Market Heats Up as Corporate Bitcoin Treasuries Reach 1M – Here are the Best Cryptos to Buy

The corporate Bitcoin sector has just smashed a major milestone. Public companies now own over 1M $BTC, showing massive confidence...

Aaron Walker 3 hours ago
Bitcoin

American Bitcoin, Backed By Trump, Ends Nasdaq Debut Up 17%

American Bitcoin, a mining company tied to US President Donald Trump’s sons Eric and Donald Trump Jr., wrapped up its...

Christian Encila 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Noord-Koreaanse hacker op de loer - pas op voor deze groeiende scam

Noord-Koreaanse hacker op de loer – pas op voor deze groeiende scam

Lars Diederiksen 28 minutes ago

Previsioni Ethereum: ETH Resiste Alle Turbolenze del Mercato Crypto

clararosati 2 hours ago
Dogecoin ETF news

First US Dogecoin ETF Could Debut Next Week—How Will It Impact Price?

Jake Simmons 2 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後は4ドル突破か?新興ミームコインが200万ドルプレセールで主役に

    ドージコイン...

    2 hours ago
  • リップル 今後の価格予測:米規制緩和と国際送金拡大で3ドル突破の可能性

    リップル...

    2 hours ago
  • ChatGPT予測によるソラナ400ドルと注目の仮想通貨おすすめ銘柄

    ...

    3 hours ago
  • 新しい仮想通貨のプレセール、クジラ投資で1,500万ドル目前

    ...

    4 hours ago
  • 1M BTC超を蓄積する企業財務、1110億ドル規模へ拡大──アルトコイン市場が躍進

    1M...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.