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HomeCryptoIs Bitcoin (BTC) looking to drop below $20k soon? These metrics...

Is Bitcoin (BTC) looking to drop below $20k soon? These metrics suggest… money moguls

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  • BTC’s golden cross NVT has reached 8.49, suggesting a potential market top.
  • Most metrics were bearish, but the whale accumulation was on the rise.

Bitcoin (BTC) It managed to stay above $25,000 for a few days, giving investors a reason to celebrate. According coin market capBTC is up more than 5% in the last 24 hours.

At the time of this writing, it was trading at $25,999.75 with a market capitalization of more than $502 billion. However, the festivities may be about to end as BTC could be subject to another price correction.


Reading Bitcoin (BTC) Price Prediction 2023-24


Will the selling pressure increase soon?

Onchain Edge, a writer and analyst at CryptoQuant, recently published a Analysis This suggested the possibility of a price correction.

According to the post, the net value per transaction (NVT) of BTC reached the golden cross of 8.49. This indicates a possible market top, which may result in further selling pressure.

Therefore, BTcThe price may fall in the short term. To clear things up, the NVT ratio describes the relationship between market capitalization and transfer volume. The NVT Golden Cross indicator helps traders decide whether to buy or sell a cryptocurrency.

Source: CryptoQuant

Selling pressure may already be on the rise as cryptocurrencies Statistics It turns out that the BTC exchange reserve was increasing. Not only that, but the BTC ASOP was in the red, indicating that more investors were selling at a profit.

Therefore, the probability of trend reversal increases. According to the feelings chart, BTcOn-exchange supply increased while off-exchange supply decreased, indicating an overall bearish outlook.

The positive sentiment around BTC has also decreased in recent days, as evidenced by the weighted sentiment metric.

Source: Feeling


Is your wallet green? check bitcoin earnings calculator


Investors should not panic now!

Despite all the negative signs, things may remain in BTC’s favor in the short term. Sentiment revealed that BTC recently saw its largest whale transaction of the year. 40,157 BTC were recently sent to a whale address, up from a previous high of 143,310 BTC.

Well, this whale activity suggests that the big players still believe in BTC as they continue to grow in accumulation. On the other hand, Glassnode Alerts reported that BTcThe exchange exit volume (7d MA) reached a 3-month high of $49,869,358.36, which was a bullish development.

The BTC funding rate was also high, reflecting its demand in the derivatives market. The Bitcoin taker buy-sell ratio suggested that buying sentiment still dominated the market.

The situation seemed unclear, therefore what kind of future BTC price is a question that only time can answer.

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