Bitcoin won’t drop to $12.000 due to these reasons
Glassnode data indicates a positive investment ratio for Bitcoin and confidence in the current price of BTC such that Bitcoin won’t drop to $12.000
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The chance that Bitcoin will drop to $12,000 again is considered very unlikely by analysts.
The Bitcoin rally of November has lost momentum, so the price is approaching the weekend with losses. Currently, investors seem to be more cautious, while institutional adoption remains the main driving force behind the cryptocurrency. Considering the recent price development, there is currently no consensus among analysts about the next move. However, Bitcoin continues to print bullish indicators.
At the time of publication, Bitcoin traded at $18,122 with a sideways movement (-0.7%) over the last 24 hours. On the weekly chart, the cryptocurrency is showing a loss of 5.6%, while the monthly chart is still remaining green with a gain of 18.2%.
Trader Josh Rager shows confidence in BTC’s price current levels. In his most recent analysis, Rager estimates that the price is unlikely to drop to $12,000. The cryptocurrency continues to move in higher lows levels. Investors should watch closely for $18,100 as a main support.
Trader Josh Rager shows confidence in BTC’s price current levels. In his most recent analysis, Rager estimates that the price is unlikely to drop to $12,000. The cryptocurrency continues to move in higher lows levels. Investors should watch closely for $18,100 as a main support.
Rager’s feeling corresponds to a Glassnode report. According to its metrics, Bitcoin is in its green zone in the Risk Reserve metric. This indicates that investors are still confident that BTC will maintain in its current price range, as the image below shows.
The above metric also indicates that Bitcoin’s reward/risk ratio is attractive to enter a long position. Furthermore, Glassnode concludes that the increase in the Coins Days Destroyed (CDD) metric indicates that long-term investors are generating an increase in selling pressure that is pushing BTC’s price downward.
Bitcoin won’t drop to $12.000 again due to these reasons
