Bitcoin

Bitcoin Price Analysis : BTC Price Will Drop To $17K in Next 48 Hours

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Sep 16, 2022

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A week ago, the markets were playing out well for Bitcoin as it had seen some upward momentum and had reclaimed the $22,000 area. In just seven days, the currency registered 7% gains.

However, the flagship currency couldnโ€™t hold on to the rally for long and it started its downward journey with the release of the CPI data, which pointed toward inflation that stood at 8.26% for August.

At the time of reporting, Bitcoin is selling at $19,756 after a fall of 2.21% over the last 24hrs. Due to this, many market participants predict that the coming days might bring along a cruel bear market. 

A CryptoQuant author and analyst, BaroVirtual, claims that a Bitcoin price crunch is around the corner. His data points of September 14 indicate the transfers of miners into spot exchanges on an hourly basis is at 10.4537, which suggests a bear market. This is because previously when the miner transfer to spot exchanges saw a rise, the bear market immediately followed.

On the other hand, even a well-known crypto influencer over Twitter, Mac, has claimed that the Bitcoin price is set to see drop to $17,000 in the coming days.

Positive Indicators For Bitcoin Price

On the flip side, while these analyses are pointing towards a price crunch, most of the on-chain indicators are referring to the possibility of a positive trade for Bitcoin. The supply of Bitcoin, which was last active for more than 10yrs, had hit an all-time high of 2,516,080.091 BTC.

Also, the King currencyโ€™s exchange outflow volume for the last seven day moving average is now standing at a one-month high and the SOPR of BTC is green too indicating bullish momentum.

Another analyst, anonymously known as El crypto, is putting out his views about a potential bull market ahead. 

Though the current market condition doesnโ€™t support the above claim, with the level of volatility that the crypto market posses, anything can be possible in the days to come.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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