If you look at your crypto portfolio today, you will see dark red numbers. As can be read in the daily bitcoin (BTC) market update this morning, the price has again started a sharp decline. Shared in a recent update on CryptoQuant In addition, it can be seen that there may be a lot more pain to come.
Bitcoin price to $10,000?
The analyst Caueconomy shared yesterday on CryptoQuant, a platform for on chain analyses, an interesting but bearish expectation. We have had a relatively good time in recent months. BTC rose about 40% towards $25,000. But that’s where the party ended.
The analyst shows on the basis of a graph on CryptoQuant that such bull runs not weird at all in a bear market. For example, during the bear market in 2018-2019, there were a number of such increases, which could also last for weeks. For example, in February 2018 there was an increase of 66%, in April/May of the same year 48% and in July/August an increase of 43%. The same goes for the bear market in 2014.
The analyst also shows a painful chart in which he compares the previous bear markets with the current market. He comes to the conclusion that:
“If the current movement repeats, we will find the area of maximum pressure at the end of the year, starting in October. Within a trading range between $10,000 – $14,500.”
Important Note BTC Expectation
This may sound scary, or not natural, depending on the trading strategy. The analyst does have an important caveat to his statements:
“This is just an observation by comparison based on past price movements, but we know that past movements are no guarantee of future developments, but rather give a good idea of the probability field that we can analyze.”
Moreover, the situation in the world now is very different from the previous bear markets. Nevertheless, it is certainly possible that the pain is not over yet.