BitcoinThe performance of (BTC) over the past month has not made anyone happy, with BTC not seeing much upside on the charts. Even so, opinions are diverse. While some believe a price surge could be coming, others believe the cryptocurrency could fall lower on the charts.
Interestingly, a look at some market analysis and indicators can give us a better picture of the big picture. At press time, BTC was trading at $19,078 on the back of a 5% depreciation on the weekly charts.
Darker days ahead?
Amidst all the various speculation on social media, several analysts have predicted that the price of BTC could drop further in the coming days. For example, MAC_D, an analyst and author at CryptoQuant, recently published a Evaluation As it concerns BTC. In his analysis, he pointed out that on September 13, 11,900 Bitcoin entered Coinbase. Later, 31,200 Bitcoins were transferred from Coinbase to derivatives exchanges just before the price of Bitcoin fell drastically on September 13.
He stated,
“BTC holdings on the Derivatives Exchange rose just before the BTC dump, and whales appear to have intentionally opened short positions on the Derivatives Exchange and lowered BTC prices.”
The growing number of BTC short positions on derivatives exchanges suggests a further drop in the price of BTC over the next few days.
Mac, a popular crypto influencer, also expressed his opinion on what to expect from BTC. According to the analyst, the price of the crypto could touch the $20,000 mark next week and then drop sharply and possibly drop as low as $17,000 on the charts.
I can see a bounce to $20,000 – $20,500 for $BTC and $1,500 for $ETH early next week before a drop into $17,000
A lot of blood will flow on both sides if you don’t feel like you have an advantage negotiating this sideline.
let’s see how it goes
— Mac 🐺 (@MacnBTC) September 24, 2022
In-game metrics
While the aforementioned analysis and prediction pointed to darker days for the king of all cryptos, a few metrics suggested otherwise.
For example, BTC forex inflows have declined significantly over the past week, which is a bullish signal. Similarly, BTC’s MVRV ratio also registered a slight uptick, indicating a possible price increase in the coming days.
Interestingly, the The number of active Bitcoin addresses with non-zero balances has increased over the past seven days. This indicates investor confidence in the coin. However, at the time of writing, the figure appeared to be trending lower.
Considering all the data points, nothing can be said for sure. Only time will tell what awaits BTC in the coming weeks.