{"id":254702,"date":"2022-08-30T06:00:12","date_gmt":"2022-08-30T00:30:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=254702"},"modified":"2022-08-29T19:08:34","modified_gmt":"2022-08-29T13:38:34","slug":"another-bitcoin-drop-awaits-heres-what-analysts-are-saying","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/another-bitcoin-drop-awaits-heres-what-analysts-are-saying\/","title":{"rendered":"Another Bitcoin drop awaits? Here&#8217;s what analysts are saying"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin\u2019s performance has been sluggish of late, thanks to the recent market decline. Last week\u2019s performance of Bitcoin didn&#8217;t seem promising as the chart was mostly red. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, <\/span><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> registered a negative 6.92% 7-day growth. And, it was trading below the $2,000 mark at $19,849.07. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The dark days for Bitcoin do not seem to end any time soon as certain reports and metrics indicate a further plunge. However, many believe there will be a trend reversal soon.\u00a0<\/span><\/p>\n<h3>Ambiguous market?<\/h3>\n<p><span style=\"font-weight: 400;\">While the market declined, experts made several speculations about the future possibilities based on their assessments. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, Maartunn, an analyst and writer at CryptoQuant, in his analysis, pointed out a recent large transaction that might have an impact on the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As suggested by previous episodes, such transactions are generally followed by a price decline.<\/span><\/p>\n<figure id=\"attachment_254703\" aria-describedby=\"caption-attachment-254703\" style=\"width: 1176px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ.png\"><img decoding=\"async\" class=\"wp-image-254703 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ.png\" alt=\"\" width=\"1176\" height=\"722\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ.png 1176w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ-300x184.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ-1024x629.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/CQ-768x472.png 768w\" sizes=\"(max-width: 1176px) 100vw, 1176px\" \/><\/a><figcaption id=\"caption-attachment-254703\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Maartunn <\/span><a href=\"https:\/\/cryptoquant.com\/quicktake\/630b3ea3b5c76e52cc0fe444-7y-10y-old-Bitcoin-on-the-move?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=Quicktake&amp;utm_content=maartunn\"><span style=\"font-weight: 400;\">mentioned<\/span><\/a><span style=\"font-weight: 400;\">, \u201cFrom this point, it&#8217;s hard to say what impact it will have on the market. It is definitely not a bullish sign, but I&#8217;m not sure if we will see further downside or just consolidation similar to May.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, some Twitter users\u2019 findings suggest otherwise. Technical analyst Gert van Lagen said a bullish head and shoulder pattern was formed on BTC\u2019s chart, which indicates a price surge in the coming days.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/twitter.com\/GertvanLagen\/status\/1563956358801723396?s=20&#038;t=D7K7Ua98ul6c6UPn9ontkg\">https:\/\/twitter.com\/GertvanLagen\/status\/1563956358801723396?s=20&amp;t=D7K7Ua98ul6c6UPn9ontkg<\/a><\/p>\n<p><span style=\"font-weight: 400;\">As usual, the crypto community\u2019s reaction to this finding was also heterogeneous, as some users did not find it reasonable to accept.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, certain on-chain metrics also support the findings of Lagen. <\/span><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s addresses with non-zero balances showed a steady increment over the past few months despite negative price actions. Thus, hinting at increased confidence and faith of investors in the king of cryptos.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_254704\" aria-describedby=\"caption-attachment-254704\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1.png\"><img decoding=\"async\" class=\"wp-image-254704 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-number-of-addresses-with-a-non-zero-balance-1-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-254704\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h3>Looking forward<\/h3>\n<p><span style=\"font-weight: 400;\">Though a few metrics backed the possibility of an uptrend soon, others indicated darker days ahead for the world\u2019s largest crypto. Bitcoin\u2019s supply in the loss, at press time, was about to touch its 3-month high again after mid-June. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The figures dropped considerably during the beginning of this month, but things took a U-turn with the recent price plunge.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_254705\" aria-describedby=\"caption-attachment-254705\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1.png\"><img decoding=\"async\" class=\"wp-image-254705 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-total-supply-in-loss-btc-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-254705\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreover, <\/span><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\"><span style=\"font-weight: 400;\">Bitcoin<\/span><\/a><span style=\"font-weight: 400;\">\u2019s MVRV ratio was well below the one mark, which generally suggests a market bottom. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But looking at the past figures, a further decline in price is possible as the MVRV ratio registered lower lows than the current position in the last few months.<\/span><\/p>\n<figure id=\"attachment_254707\" aria-describedby=\"caption-attachment-254707\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1.png\"><img decoding=\"async\" class=\"wp-image-254707 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/glassnode-studio_bitcoin-market-value-to-realized-value-ratio-mvrv-2-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-254707\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The diversity of opinions in the crypto community, mixed metrics reading, and the volatile nature of the crypto market make it difficult to accurately predict what the future holds for Bitcoin.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s performance has been sluggish of late, thanks to the recent market decline. Last week\u2019s performance of Bitcoin didn&#8217;t seem promising as the chart was mostly red. At the time of writing, Bitcoin registered a negative 6.92% 7-day growth. And, it was trading below the $2,000 mark at $19,849.07. The dark days for Bitcoin do<a href=\"https:\/\/ambcrypto.com\/another-bitcoin-drop-awaits-heres-what-analysts-are-saying\/\">Continue reading <span class=\"sr-only\">&#8220;Another Bitcoin drop awaits? Here&#8217;s what analysts are saying&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":254708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-254702","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Another Bitcoin drop awaits? Here&#039;s what analysts are saying - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s performance has been sluggish of late, thanks to the recent market decline. 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