Bitcoin (BTC) Price Might Drop To $20K, Here’s When
The post Bitcoin (BTC) Price Might Drop To $20K, Here’s When appeared first on Coinpedia Fintech News
Undoubtedly, most crypto investors have continued to prepare for future Bitcoin bull markets during the past 12-18 months. According to market aggregate data provided by Glassnode, Bitcoin investors with more than 1 BTC in their wallets have continued to aggressively accumulate more Bitcoins at a rate of more than 33.4K BTC / Month, thus hoarding more than 1.33 million units. Similarly, institutional investors led by MicroStrategy have continued to accumulate more coins, DCA-ing at different price dips.
Captain Faibik Decodes What Next For Bitcoin Market
According to a popular crypto analyst with more than 61k followers on Twitter Captain Faibik (@CryptoFaibik), the Bitcoin bulls are in complete control but the market is not yet out of the woods. With Bitcoin price has rallied nearly 80 percent in the first half of the year, the analyst warned that a correction could push the top coin toward $20k. Nonetheless, the analyst highlighted that the macro rally will kickstart before the end of the year.
“I believe Bitcoin may Retest the 20k region in the Upcoming Months (Aug-Sep). Bitcoin Bullrun will Officially Start in November 2023,” the analyst noted.
Bigger Picture
The narrative of Bitcoin price dip before the rally continuation is technically supported by the shrinking BTC dominance. Notably, the rise of some altcoins led by Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) has significantly contributed to the retrace of Bitcoin dominance, which stood around 50.9 percent on Monday. Nonetheless, the Bitcoin market has flexed its dominance time and again amidst bearish sentiment to the surprise of most investors.
