Bitcoin is down again and the slump doesn’t seem to stop because of the crypto kingcoin. It seems to continue rut, ending with a loss in the last eight weeks. There is good reason for maximalists to be afraid that their beloved Bitcoin will fall below the new support level.
may day! may day!
It is currently trading at $ 28,800 and has fallen by about 1% in the last 24 hours. Given the recent lack of movement, Bitcoin is currently expected to end the week around the $ 29,000 zone. Volume is another concern, down almost 25% from yesterday.
The largest cryptocurrencies have experienced extreme volatility this month, and Terra has sunk hopes for recovery. Billions have been wiped out of the crypto market after the crash of Bitcoin on the brink of catastrophe.
Bitcoin survived, but was integrated in the $ 29,000- $ 30,000 region. However, metrics suggest that there is still a lot of recent discouraged data. In a recent Glassnode tweet, the NVT signal was recorded at a four-year low of 233.9. In fact, lows over the last four years were recently observed on May 25, which puts more pressure on the Bitcoin community.
Another tweet frowned upon the entire crypto space, as Crypto Quant reported: Then the final surrender is possible with an additional price cut of 30% to 50%. This emphasizes that the bottom of the market is being explored as Bitcoin’s price chart is struggling to rise above the $ 30,000 level.
Analysts give Bitcoin Maxis hope
Marion Labore, an analyst at Deutsche Bank Research, said: interview At CNBC
“The value of Bitcoin will continue to rise based on what people believe it is worth.”
Bitcoin has been in the red much more often these days as it aims to end nine consecutive losses. It’s also less than half of the previous high of about $ 68,000. However, Labore mentioned four factors that ultimately help Bitcoin march to the land of victory.
Laboure shows four factors that can lead to a sharp rise in Bitcoin prices. The first factor is the psychology behind Bitcoin and cryptocurrencies, which she calls the Tinkerbell effect. This means that market sentiment towards Bitcoin will determine future growth.
About% 55 $ BTC Supply is still profitable
“Boring price behavior for a couple of months. After that, the final surrender is possible with an additional price cut of% 30-% 50.”
— CryptoQuant.com (@cryptoquant_com) May 27, 2022
The second factor is supply and demand. With a fixed supply of 21 million coins, the demand for Bitcoin will eventually increase, leading to a sharp rise in prices. The third factor is the most controversial: regulation. She also said there is reason to believe that “regulations are coming” that can pave the way for the adoption of more cryptography.
Finally, she points to volatility as a determinant of Bitcoin’s growth. The crypto market has been plagued by volatility in recent years, with the latest example being Terra Crash. However, due to increased regulation and adoption, volatility can actually favor Bitcoin.