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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Faces Potential Price Drop To $25,000, On-Chain Data Signals Bearish Trend

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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Bitcoin (BTC) has been experiencing a volatile price action since late April, with significant fluctuations in its value. At the time of writing, the cryptocurrency has experienced a 3% decline in the last 24 hours and is currently trading at $28,400. However, it has now settled within an accumulation range of $27,800 to $30,000.

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Bitcoin Bulls Take Caution

BaroVirtual from Cryptoquant recently shared his analysis regarding the potential downside targets for Bitcoin. According to the analyst, the bearish divergence of the BTC: On-Chain Summation Index suggests a target of approximately $27.200. A Head and Shoulders (H&S) pattern also indicates a lower range target of $25,000.

The BTC on-Chain Summation Index is a metric that tracks the number of Bitcoin being transferred on the blockchain. When the index shows a bearish divergence, it suggests a decrease in the amount of Bitcoin being transferred, which could lead to a decline in price.

On the same note,  Binance, one of the world’s largest cryptocurrency exchanges, received its largest single Bitcoin deposit in the past week. The deposit, made to an address that had remained inactive for four months, came from five separate addresses and totaled over 1,200 BTC, worth over $35M at current market prices.

Bitcoin
Binance’s wallet deposits in the last 24 hours. Source: Arkham Intel on Twitter.

Arkham, a blockchain analytics firm that tracks cryptocurrency transactions, reported the news. The firm noted that the deposit was made in a single transaction and that the funds were sent to a previously unused deposit address. Will this translate into an extension of the bearish momentum? It remains to be seen. 

Moreover, according to Material Indicators, a crypto analytics firm, the recent Bitcoin monthly candle close/open has signaled a potential short-term price correction for the cryptocurrency. The firm’s Trend Precognition A2+ algo flashed a short signal, indicating a potential decline in Bitcoin’s price, as seen in the chart below. 

Bitcoin
Material Indicator’s trend precognition signaling potential drop in BTC’s price. Source: Material Indicators on Twitter.

However, according to Material Indicators, the signal is tentative until the candle closes, and a pump above the April high could invalidate it. Additionally, Wednesday’s upcoming U.S. Federal Open Market Committee (FOMC) Federal Reserve interest rate decision could catalyze a significant price move in either direction.

If the Federal Reserve raises interest rates by 25 basis points, it could lead to a stronger US dollar and put downward pressure on Bitcoin’s price. However, continuing to pause or maintain current rates could boost investor confidence and lead to a price increase for the cryptocurrency.

Although the potential downside targets predicted for BTC, evidence suggests that the $27,000 mark could support the cryptocurrency and push back the bears. This level has already demonstrated its resilience as a support floor, holding up well against significant selling pressure since April 21st.

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Chainlink (LINK) Price Falls Below $7, Are The Bears Back In Control?

1 year ago
Bitcoin
BTC’s price dropped on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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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.

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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

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Ad discliamer

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