There has been a steep drop in the price of many cryptocurrencys. As of June 18, the price of the world’s largest digital currency, Bitcoin, fell to about $17,622. The data was taken directly from Binance. Many conversations have taken place since about the price of the asset.
CryptoQuant’s cryptocurrency analyst revealed what the future potential price of Bitcoin could be. CryptoQuant, a trusted digital currency resource platform, is recognized. The analyst believes that the $17622 price point may not be as low as Bitcoin’s current level. This is a shaky assumption considering the current price.
Crypto Winter Overview
Investors and traders aren’t sure if the market will see a significant improvement. Many pieces of information indicate that Bitcoin could still reach a lower price than $20K.
Many digital currency owners have had to sell their holdings due to this scenario. Due to market bearishness, some major crypto companies have made difficult decisions in the past. Vauld is a notable example.
Reports claim that the platform for crypto lending had to stop withdrawing funds and cut down on its staff. On July 4, this was announced.
Probable BTC Price
Going further, a cryptocurrency resource platform analyst, Tomáš Hančar, has explained the possibility of his prediction. His 20-day chart SMA for LTH SORP projects a 1/3rdChances of Bitcoin reaching that lowest price point
This is the explanation for the indicator (SMA), which stands for Simple Moving Average, a 20-day chart. This represents the LTH SOPR (Long-Term Holders’ Spent Output Profit Ratio.
According to the data, the ratio derived has been below the impartial level worth of “one” for up to three months. Based on the analyst’s prediction, it is only 1/3 of what could be used to explain a bottoming process.
He explained further the purpose of the 20-day indicator. The 20-day indicator’s purpose was to transfer appropriate standard lines, he stated.
Buying Bitcoin Is Now, Says Tomáš Hančar
After this analysis, Tomáš Hančar concluded that buying BTC should commence now. Because there will be an immediate bounce-off. He also said that there’s a downside to this. This is because the price of the digital token could drop to below $20K.
According to data from the cryptocurrency market watch, it has been 47 days since the previous low Bitcoin price.
The analyst recommended traders consider this and suggested that traders should also have a breakout option.
Featured Image from Pexels – Chart at TradingView.com