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Bitcoin Price will Remain at $30k for Quite Some Time

Hassan Mehmood

ByHassan Mehmood

Jul 19, 2021

Ecoinometrics is a crypto analytics service that claims that the Bitcoin price mark could stay at the $30K level for quite some time. It has been 95 days since Bitcoin was placed at an ATH in April. As per Ecoinometrics, the current descend can be placed in the 2nd rank in terms of bull market history for the flagship cryptocurrency. The analytics aggregator also posits that Bitcoin could remain at the $30K price point for quite a while.

At present, Bitcoin price action has declined by 55% from the last record highs. The current behavior of Bitcoin is started to mess up the results forecasting models, including the highly esteemed stock-to-flow model. The analytics service also notices the presence of several strong fundamentals that have failed to make a visible impact on the Bitcoin price action in recent weeks.

The Bitcoiners hold July 18th under phenomenal importance. On this date, the Grayscale GBTC stocks would be opened after a six months lockdown. The investors would now be able to sell their shares on the open market. According to many analytics, this strong fundamental can leave the price of the flagship cryptocurrency debilitated. Another strong factor that can enforce a bull market is reviving hash rates.

After the Chinese mining crackdown, the hashrates on Bitcoin blockchains were depleted and also affected the price movement. In the same vein, the constantly devaluating fiat is another factor that could cause Bitcoin prices to surge. According to media reports, the government is planning to print more notes to be distributed as stimulus checks. On the whole, all these strong factors have not been able to promote or demote Bitcoin prices from the $30K mark.

The Movement of Retail Investors starts bull Markets

At present, there are many crypto metrics services like Santiment and Glassnode that claim that the investors have started to buy in more Bitcoin once again at the same price rates. Famous crypto analyst Willy Woo claimed that bull runs are started by the buying pressure generated by retail investors.

Woo further added that when retail investors lose interest in Bitcoin and stop buying, it is the start of a bear market. He also asserted that plebs have not stopped buying from the market. He also shared a good number of charts to prove his theories.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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