Will Bitcoin (BTC) Price Drop To $12K in October? Decoding The Possibility

Published by
Qadir AK

Top cryptocurrencies fail to pique traders’ interest, and the cryptocurrency market remains dominated by bears. The price of bitcoin (BTC) is lagging behind even the $20k mark, hovering in a range of around $19,500. In spite of the adverse macro and market environment, the price of Bitcoin is up nearly 2%.

Glassnode published “The Great Detox,” its weekly on-chain newsletter, last week. The glassnode investigation evaluated a number of on-chain data that showed a generally negative prognosis for Bitcoin. As BTC returns to the $20k region, an analysis of short-term holders’ behavior reveals a decline in favorable circumstances.

With short-term holders making the most contribution, the study revealed a cluster of currency movements around the present price action of Bitcoin. In addition, Glassnode found a shortage of supplies between the $18k and $11k-12k zones.

Therefore, if Bitcoin drops below the lows of this cycle, these short-term holders risk going broke as a result of huge unrealized losses on their investments.

BTC Price to drop to $12k?

If there is a more extreme bearish environment, BTC could be hammered to the $12,000 level due to the unstable market behavior of these short-term holders. This is due to the fact that when volatility appears, short-term holders are the most prone to capitulate.

These short-term investors might give up their holdings in order to save what they can in the case of a worse macro environment and a minor BTC decline. This can cause the asset to decline even more, to a level of $12,000.

Nevertheless, a CryptoQuant analysis  in April compared the rate of decline from ATH then and predicted a bottom in the $20k region. After seeing a steady rate of decrease from the ATH last year, BTC was trading around the $40k mark at that time.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Ripple VS SEC Verdict May be on the Horizon! Here’s What to Expect

In a recent update, Ripple has filed its redacted reply to the SEC’s opposition in…

December 3, 2022

Popular Analyst, Michael van de Poppe Marks the Targets for Bitcoin Relief Rally!

Bitcoin price after being rejected at $17,000 at the beginning of the month has been…

December 3, 2022

Crypto Calendar of New ICOs: O-MEE (OME), RobotEra (TARO), Toon Finance (TFT)

In the world of cryptocurrency, an Initial Coin Offering (ICO) is an event in which…

December 3, 2022

Early Investors Already 3X During Ongoing Oryen Network Presale – Can The Staking Platform Compete With Curve Or VeChain?

Initial Coin Offering (ICO) has become a popular way new DeFi projects raise their capital.…

December 3, 2022

Bitcoin Price May Hit $23,000 in Q1 2023, While the Altcoins Could Bleed

Bitcoin is displaying some stability, as the prices have remained within a sustainable range of…

December 3, 2022

Cryptos With A High Growth Potential In 2023 Include Ripple (XRP), Monero (XMR), and Flasko (FLSK)

Singling out a profitable crypto investment for 2023 is a daunting task, mainly because many…

December 3, 2022