Skip to content Cryptocurrency Critical Test – December 19, 2023
Reuters – A well-known crypto analyst recently warned that a significant cryptocurrency has dropped below an important price range, specifically between $41,200 and $42,400. This analyst, Martinez, used data from IntoTheBlock to show that about 1.87 million addresses have gathered a large amount – 730,000 Bitcoin- in this risky price zone.
Bitcoin Future: Predictions & Trends
This decrease in value has sparked worries about a possible rush to sell by those who own the cryptocurrency, as they might want to avoid further losses. This could lead to more people selling, which could push the price down even more. Martinez suggests that the Bitcoin future price might drop to another lower range, between $37,500 and $38,700, where 1.28 million addresses own 553,000 BTC.
Profit Amidst Loss: The $38,700 Question
Despite these concerns, there’s a silver lining. Martinez’s analysis indicates that those who bought at prices around 7% lower than the current market value is still making a profit. This brings up a key question: If those currently facing losses start to sell, causing the price to fall to $38,700, will there be enough buyers interested in this unpredictable market, especially considering the risk of sudden, unforeseen events?
Bitcoin Price Drop: Reading the Gaps in CME Chart
Adding to this cautious view, another indicator, the futures chart on the CME, also suggests a potential price drop. A gap in the chart, between $39,640 and $40,325 per BTC, was noted in early December. Typically, these gaps are expected to be filled, hinting at a potential decline to the $37,500 level. While those optimistic about the market are holding on, these upcoming challenges could really test their determination.
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