{"id":368945,"date":"2024-02-06T22:00:05","date_gmt":"2024-02-06T16:30:05","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=368945"},"modified":"2024-02-06T16:41:43","modified_gmt":"2024-02-06T11:11:43","slug":"50k-or-40k-why-bitcoins-price-can-go-either-way","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/50k-or-40k-why-bitcoins-price-can-go-either-way\/","title":{"rendered":"$50K or $40K: Why Bitcoin&#8217;s price can go either way"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">BTC was down by more than 1.5% in the last seven days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Metrics pointed out that BTC could undergo a trend reversal soon.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has not offered much on the table of late, as its price has been moving between $43,000 and $42,000 for quite some time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This price action resulted in the formation of a triangle pattern on the king of crypto\u2019s chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">From here on, there are two possibilities for BTC\u2019s upcoming price movement. Let\u2019s take a closer look at what they are and which way BTC is most likely to move in the coming days.<\/span><\/p>\n<h4><b>Bitcoin to move southwards soon?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, Bitcoin\u2019s price had dropped by more than 1.4% in the last seven days as it slipped under $43,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, BTC was trading at $42,708.51 with a market capitalization of over 483.7 billion. <\/span><span style=\"font-weight: 400;\">This declining price action kept Bitcoin\u2019s Social Dominance high in the last week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, bearish sentiment around the coin increased sharply, as evident from the massive dip in its Weighted Sentiment on the 5th of February.<\/span><\/p>\n<figure id=\"attachment_368946\" aria-describedby=\"caption-attachment-368946\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024.png\"><img decoding=\"async\" class=\"wp-image-368946 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-12.40.10-06-Feb-2024-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-368946\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Meanwhile, Seth, a popular crypto analyst, recently posted a tweet highlighting an interesting occurrence.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 JUST IN \ud83d\udea8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Triangle Pattern Broke out! Most likely scenario is the GREEN Path.<\/p>\n<p>Unless it is a False Breakout! What do you think? Truth or False? <a href=\"https:\/\/twitter.com\/search?q=%24BTC.X&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC.X<\/a>  <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><a href=\"https:\/\/t.co\/S46F6fmc7I\">https:\/\/t.co\/S46F6fmc7I<\/a> <\/p>\n<p>Not Financial Advice! <a href=\"https:\/\/t.co\/hANjhmPRxG\">pic.twitter.com\/hANjhmPRxG<\/a><\/p>\n<p>&mdash; Crypto Seth (@seth_fin) <a href=\"https:\/\/twitter.com\/seth_fin\/status\/1754463063435096072?ref_src=twsrc%5Etfw\">February 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As per the tweet, Bitcoin\u2019s price was moving in a triangle pattern. Once <\/span><a href=\"http:\/\/ambcrypto.com\/what-bitcoins-rising-demand-could-mean-for-you\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> approaches the end of the pattern, there can be two outcomes: either a northward breakout or a southward movement. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To understand which of these outcomes is more likely to happen, AMBCrypto took a deeper look at BTC\u2019s state.<\/span><\/p>\n<h4><b>Be prepared for another correction!<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Miners\u2019 metrics have always been critical when it comes to understanding\u00a0BTC\u2019s price movements. Miners\u2019 profitability and its relation to BTC\u2019s price are effective ways of assessing market trends. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Axel, an author and analyst at CryptoQuant, recently pointed this out. He used BTC\u2019s hash prices in his analysis and found that during all previous corrections, BTC\u2019s hash price dropped under 0.00006.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hash Price serves as an indicator of the economic efficiency of mining. It allows to assess how profitable or unprofitable it is to engage in mining at the current moment.<\/p>\n<p>On all previous corrections, the Hash Price dropped to the level &lt; 0.00006 <a href=\"https:\/\/t.co\/vTpuUr09Yi\">pic.twitter.com\/vTpuUr09Yi<\/a><\/p>\n<p>&mdash; Axel \ud83d\udc8e\ud83d\ude4c Adler Jr (@AxelAdlerJr) <a href=\"https:\/\/twitter.com\/AxelAdlerJr\/status\/1754385717369663698?ref_src=twsrc%5Etfw\">February 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Only after reaching that level does BTC initiate another bull rally. For reference, BTC\u2019s price moved upwards in January, September, and November 2023 after the hash price went below the above-mentioned mark. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, the metric was resting well above that level, indicating that Bitcoin\u2019s price might go down further before its next bull rally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To see the viability of <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-etfs-gbtcs-billion-dollar-exodus-and-their-impact-on-the-market\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> plummeting further, AMBCrypto checked other metrics. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our analysis of CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary#info\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that Bitcoin\u2019s aSOPR was in the red at press time, meaning that more investors were selling at a profit. In the middle of a bull market, it can indicate a market top. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its binary CDD was also in the red, suggesting that long-term holders&#8217; movements in the last seven days were higher than average. Both of these metrics were bearish, hinting at a further price drop.<\/span><\/p>\n<figure id=\"attachment_368951\" aria-describedby=\"caption-attachment-368951\" style=\"width: 2080px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM.png\"><img decoding=\"async\" class=\"wp-image-368951 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM.png\" alt=\"\" width=\"2080\" height=\"670\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM.png 2080w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM-300x97.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM-1024x330.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM-768x247.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM-1536x495.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Screenshot-2024-02-06-at-1.01.25-PM-2048x660.png 2048w\" sizes=\"(max-width: 2080px) 100vw, 2080px\" \/><\/a><figcaption id=\"caption-attachment-368951\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Apart from this, yet another CryptoQuant analysis, posted by G a a H, pointed out that we might be currently witnessing a local market top. This seemed to be the case as BTC\u2019s MVRV ratio reached a two-year high.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">MVRV Reaches 2-Year High<\/p>\n<p>\u201cHistorically the region we are in signaled a local top before the start of a strong bull market taking BTC prices to a new All Time High\u201d \u2013\u00a0By <a href=\"https:\/\/twitter.com\/gaah_im?ref_src=twsrc%5Etfw\">@gaah_im<\/a>  <\/p>\n<p>Full post \ud83d\udc47<a href=\"https:\/\/t.co\/neqFUuqn3e\">https:\/\/t.co\/neqFUuqn3e<\/a> <a href=\"https:\/\/t.co\/VRRfyEM1nr\">pic.twitter.com\/VRRfyEM1nr<\/a><\/p>\n<p>&mdash; CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1754586552942940426?ref_src=twsrc%5Etfw\">February 5, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The analysis mentioned, <\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cHistorically the region we are in signaled a local top before the start of a strong bull market taking BTC prices to a new All Time High.\u201d Therefore, the chances of BTC\u2019s price registering a decline before initiating another bull rally were high.<\/span><\/p><\/blockquote>\n<h4><b>Anything bullish in the short term?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">However, nothing can be said with the utmost certainty, thanks to the unpredictable nature of the crypto space. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">G a a h\u2019s analysis also mentioned that the upcoming halving event could turn out to be a strong positive catalyst for the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s look at Glassnode\u2019s data revealed an interesting update. We found that after spiking, Bitcoin\u2019s Network Value to Transactions (NVT) Ratio registered a drop on the 5th of February 2024.<\/span><\/p>\n<figure id=\"attachment_368953\" aria-describedby=\"caption-attachment-368953\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png\"><img decoding=\"async\" class=\"wp-image-368953 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-368953\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A drop in the metric typically indicates that an asset is undervalued, which can trigger buying pressure and help increase its price. AMBCrypto found that buying pressure on the coin was increasing at press time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was evident from the spike in its Exchange Outflow. Moreover, <\/span><a href=\"http:\/\/ambcrypto.com\/miracle-year-for-godzilla-bitcoin-what-this-exec-expects-from-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Supply on Exchanges also remained lower than its Supply outside of Exchanges, further proving high buying pressure.<\/span><\/p>\n<figure id=\"attachment_368954\" aria-describedby=\"caption-attachment-368954\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024.png\"><img decoding=\"async\" class=\"wp-image-368954 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/Bitcoin-BTC-13.12.40-06-Feb-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-368954\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024\u201325<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">To look for other bullish indicators, AMBCrypto took a look at Bitcoin\u2019s daily chart. As per our analysis, BTC\u2019s Relative Strength Index (RSI) went up from the neutral mark. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its Money Flow Index (MFI) also registered a sharp uptick, increasing the chances of a price uptick in the near term.\u00a0<\/span><\/p>\n<figure id=\"attachment_368956\" aria-describedby=\"caption-attachment-368956\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14.png\"><img decoding=\"async\" class=\"wp-image-368956 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14.png\" alt=\"\" width=\"2710\" height=\"1516\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/02\/BTCUSD_2024-02-06_13-21-14-2048x1146.png 2048w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-368956\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price might plummet further before beginning another bull rally.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":368961,"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-368945","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 v28.4) - 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