Bitcoin has “very little chance of falling below $20k at the end of any month”: here’s why money moguls

by

  • BTC is likely to stay above $20,000, says one of the crypto analysts
  • The ordinance improves the situation for BTC miners.

in the last days, Bitcoin The main headlines crossing the $24K barrier, which is still an important psychological level.

As with BTC prices, skepticism also grew around the spike, with many calling it a bull trap.

However, new data from an analyst suggests that while the BTC price may fall, the drop will not be significant.

read btc price prediction 2023-2024

according to the analyst timothy peterson, the chances of Bitcoin falling below the $20k mark are less than 1%. Timothy believes that most investors will rush to buy any dip below $20k.

One of the factors cited behind this argument was: 50% of all risk averse asset holders are waiting to buy dips.

Should the king coin pull back towards the $20,000 level, it will definitely weigh on the short-term holders. But this would be a good opportunity for long-term holders.

In particular, according to data provided by Glassnode, the number of long-term bitcoin HODLers has skyrocketed in recent days.

These long-term holders did not have much incentive to sell. According to data provided by Sentiment, bitcoin’s MVRV ratio was positive but only by a small margin. This suggested that many bitcoin holders still have to wait before their holdings can become highly profitable.

Surprisingly, the number of headline shorts has also decreased over the past week, as indicated by the widening gap between longs and shorts.

Source: Feeling

One segment of bitcoin that was prone to selling pressure was the mining sector. However, with the introduction of ordinalsThe situation for BTC miners has improved significantly.

the miners see some hope

This was because ordinals led to an increase in miner profitability. The reason for the increase in the profitability of miners was the increase in the average bitcoin block size.

As the bitcoin block size increased, the amount of fees earned by miners increased. Therefore, affecting the total income generated.

According to data from Delphi Digitals, Ordinals collects 12.5% ​​of the daily bitcoin fees.

how much is 1,10,100 is btc worth today?

Increasing the block size not only helps the miners, but also helps the bitcoin network as a whole by increasing the security of the blockchain.

Source: Delphi Digital

However, despite these corrections, traders remain skeptical of BTC growth. According to data from CoinGlass, there has been an increase in the number of short positions against BTC in recent days.

Source: Coinglass

Well, only time will tell how all of these factors will affect Bitcoin in the long run.

Leave a Comment