Bitcoin

Above $19,000, Bitcoin is doomed! What’s Awaited for the BTC Price Amid the Q3 Close?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • The Bitcoin price made a tiny failed attempt to break out of the consolidation, as the market sentiments appeared to be in favour of the bulls.

  • While demand for the asset has declined significantly, the price may remain trapped in a narrow range for an extended period of time.

The markets appear to be in favor of the bulls as an attempt to rise beyond $19,000 was quickly nullified. The price continues to struggle around these levels as the Bitcoin price is again entering the lower support zone. The asset failed to sustain above $19,000 as the price rose significantly with the rise in volume.

Moreover, the network activity has been chopped down heavily, which suggests the bull run could be very far off from now. A leading on-chain analyst believes a huge drop in active addresses may certainly hinder the forthcoming BTC price rally.

According to the analyst, the active addresses denote the current demand for the trading asset, and a decline in the activity leads to consistent price drops. This may further drive short-term investors and newcomers away from the asset.

During the previous bear market, market sentiments shifted sharply as assets began to recover quickly after bottoming out. Therefore, a growing recovery in network activity along with rising prices indicated a stable rally. But, presently, the demand has dropped considerably and the liquidity has been on a constant ride during the bearish trend.

However, the analyst hopes demand for Bitcoin (BTC) price will increase slightly in order to set up a long-term sustainable rally.

“There is no stable setup for a long-term sustainable rally; we are not there yet. A risk-enhancing macro framework may be needed to see a return in trading demand, “

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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