Bitcoin could not sustain the rise it caught last week, and as of yesterday, it fell below the $ 12,000 band and started trading at $ 11,700. Investors who want to make a profit in the short term are shown as the reason for this decline. Experts made statements on social media that BTC will recover and the Bitcoin price may rise.
Bitcoin (BTC), which saw a decrease of approximately 6% at the beginning of the week, had dropped to the 11,500 band. But even though he managed to recover a little and jump to the 11.800 band, he raised questions about “Will Bitcoin drop” across the market.
Most analysts in the market think that the condition for BTC to rise above the $ 12,000 threshold again is to stay in the $ 11,700 – $ 11,800 band for a while. Some analysts say that the next optimistic target is the $ 13,000 threshold, with Bitcoin completing the triangle move on the charts. Some go a little further and estimate that the next triangle peak for BTC will see $ 14k if it does not drop below the 11,700 band after the completed triangle.
Positive Signals Continue For Bitcoin Rise
According to CryptoQuant CEO Ki Young Ju, the economic chaos caused by the coronavirus in March also affected Bitcoin. At the beginning of the pandemic, people started selling their BTC and the price dropped to $ 4,000. Noting that the amount of BTC in stock exchanges is decreasing now, Ki says that people started to keep their Bitcoins in their wallets. This can be interpreted as some traders stopped active trading with BTC and switched to HODL mode. The fact that Bitcoin holders switched to HODL mode shows that the belief in Bitcoin investment is still continuing, which draws a positive image for the future of the coin.
PlanB, known for adapting the stock-flow (S2F) model for Bitcoin, also commented on the current status of Bitcoin on social media accounts. PlanB said that Bitcoin’s 200-week moving average is now around $ 6,400 and the monthly close has never before dropped below the monthly level. PlanB also highlighted that the BTC moving average continues to rise. In his previous statements on social media, the famous analyst said that the target of Bitcoin at the end of 2021 was 100 thousand dollars. PlanB thinks that increasing demand for BTC against the decrease in production speed in the Bitcoin network will lead to a rapid rise in the Bitcoin price.