BTC down a lot

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Bitcoin

 

Bitcoin is continuing to sink down under $40,000, and in fact, is headed for the next benchmark barrier at $30,000 per coin as of today.

It’s a blow for people who thought that BTC was heading up short-term to values of around $100,000 per coin. Some were pretty vocal over the pandemic years, contending that by the end of 2022, Bitcoin would be orders of magnitude higher than it is right now.

There are still a lot of analysts in enthusiasts to think that will see some sort of higher mark before the end of 2023 or in successive years.

Right now, though, the price of Bitcoin is deflating somewhat rapidly, as reported by William Suberg at Cointelegraph.

Despite some contention that a current price around $32,000 represents a profound dip, some are saying it could go even lower to around $24,000 per coin.

“Here is a standardized ratio between market price and realized price (market value to realized value – MVRV),” tweets Dylan LeClair. “24k would be in the green zone. Again, dips to/below realized price have historically signaled a capitulation style bear market bottom is in (or close).”

Other input collected by Suberg comes in the form of remarks from unnamed Bitfinex analysts, as follows:

“We’ve seen renewed selling in Bitcoin and the wider digital token market as the prospect of increasing interest rates and a deteriorating economic environment continues to weigh on risk assets … In Europe, equities are sharply lower, following the Nasdaq experiencing its sharpest one-day fall since June 2020. Investors exiting positions may be adding some momentum to the protracted sell off that we’ve witnessed over the past few days.”

What’s next for Bitcoin? And what will the hodlers make of this consternation? Whether individuals are revealed to be paperhands or diamondhands holders, we shall see if BTC can rise (short term or long term) once again.

 

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