Could Bitcoin’s Next Target Be $31,000? Data Suggests
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Journalist
Posted:
- The BTC price was close to falling below its realized price-to-live ratio.
- The coin was testing a key support level at press time.
Bitcoin [BTC] investors have been facing challenges recently as the leading cryptocurrency continues to experience a decline in value. Recent analysis indicates a potential for significant price drops in the approaching weeks.
Let’s explore the current situation surrounding Bitcoin.
Why Bitcoin Could Drop to $31,000
According to data from CoinMarketCap, the leading cryptocurrency faced nearly a 7% decline last week. Additionally, the last 24 hours showed bearish signs with slight dips in BTC’s price. At present, BTC is trading around $54,306.75 and boasts a market cap exceeding $1 trillion.
An examination of IntoTheBlock data reveals that following recent price corrections, over 41 million BTC addresses remain profitable — representing 77% of all Bitcoin addresses.
A drop beneath this metric could push BTC toward its realized price level; such events occurred in 2019, 2020, and again in 2022.
Currently,a bearish crossover has materialized,suggesting that traders may see btc gradually return towards actual values pegged at approximately$31.5k based on earlier assessments. p >
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T h i s d e m o n s t rates confirmation t hat b itcoin i s c u rrently test ing res ist ance levels indicat ed by CryptoQuant source.”
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