Many predictions stand out for Bitcoin (BTC), the largest cryptocurrency. In this article, there are three important Bitcoin predictions made recently. Here are the details…
Bitcoin prediction from CryptoQuant
Bitcoin (BTC) is currently trading near a key support level, according to a new analysis from CryptoQuant. It is thought that this level can also determine the short-term price trend. A CryptoQuant analyst shared a chart showing the price of Bitcoins 1-3 months old. This chart is calculated by dividing the market cap by the number of coins moving in 1-3 months. So, an indicator that focuses specifically on short-term investors. According to the analyst, the price of BTCs in this age range is $ 27,200. However, according to the analyst, BTC needs to get this level back. If he doesn’t get it, he risks a significant drop. The analyst also noted that the next support levels are at $25,300 and $20,000, depending on the price of 3-6 month old BTCs.
It's time to make a decision for #Bitcoin
"If the price fails to reclaim this level, the next supports are found at $25,300, and the realized price of the 3-6 month age band, which is at $20,000."
by @GrizzlyBTClover— CryptoQuant.com (@cryptoquant_com) June 2, 2023
Points to Glassnode’s intriguing price action
On the other hand, Blockchain analysis platform Glassnode noted an interesting trend in money movements in the bitcoin market. Despite the impressive second-quarter decline after the impressive first quarter of this year, Glassnode suggests that this trend could have a positive impact on the price of the leading cryptocurrency. Glassnode’s analysis highlights a significant money shift from long-term Bitcoin holders to new investors, pointing to a potential turning point in the market. Glassnode identifies a significant transfer in Bitcoin ownership by closely monitoring the HODL Wave, which tracks the movement of coins held by long-term investors.
While long-term holders typically point to a bear market, Bitcoin analyst Phillip Swift offers a different perspective. Swift argues that the recent influx of money from new investors has created a favorable environment for price increases. Swift explains that when new investors enter the market and increase demand, long-term holders are encouraged to sell their Bitcoins at prices higher than their initial purchase price. This dynamic could potentially contribute to an overall increase in Bitcoin price. This analysis challenges the traditional notion that Bitcoin’s move from long-term holders to new investors is merely a bearish signal.
Bob Loukas: BTC could drop below $20,000
Famous crypto investor and trader Bob Loukas draws attention with his post on June 1. The analyst points to the possibility of Bitcoin falling below $20,000 in June. The analyst believes this will be an excellent opportunity. Specifically, Bob Loukas states that “Bitcoin falling below $20,000 in June would be a great opportunity before the bull run.”
#bitcoin. Imagine still being bearish on this chart.
Perfectly structured 4yr cycle in the early phase.A pullback in June to the lower $20k's would be a tremendous gift. pic.twitter.com/pfIuIGkCj2
— Bob Loukas (@BobLoukas) June 1, 2023
The trader highlighted that it took almost four years for Bitcoin to reach its all-time high after hitting a high of $9,370 in late 2017. Loukas pointed out the similarity between the current price action and the price action between 2017 and 2021. He suggested that the perfect four-year price cycle is still in its early stages.
