Can Bitcoin Price Drop Below $30,000 Again? Latest On-Chain Analysis!

• Analysts led by Gautam Chhugani at Bernstein also revealed that Bitcoin miners are conducting approximately half a billion dollars worth of coin sales monthly.
• Woo believes that, based on the analysis of the Bitcoin Cost Base Density map, the price of Bitcoin will not fall below $30,000 again.
• Since the 2021 Bitcoin bull run, the weekly Relative Strength Index (RSI) has exceeded 70 for the first time, indicating that Bitcoin is currently in overbought territory.

Will Bitcoin Price Test 30K Dollars Again? Insights into BTC’s future with the current on-chain map!

Will Bitcoin Price See $30,000 Again?

In the last two weeks, Bitcoin (BTC) has struggled to surpass the $37,500 level, and signs indicate a possible decline. With the crypto market increasingly turning towards altcoins, technical indicators suggest a change in momentum.

The magnitude of Bitcoin’s correction could depend on whether large whale holders reduce their selling pressure. Analysts led by Gautam Chhugani at Bernstein also revealed that Bitcoin miners are conducting approximately half a billion dollars worth of coin sales monthly.

Willy Woo, a partner at CMCC Crest, believes that, based on the analysis of the Bitcoin Cost Base Density map, the price of Bitcoin will not fall below $30,000 again. According to Woo, this leading cryptocurrency has shown strong alignment with this tool, marking the bottom of bull markets, especially in the accumulation period before halving events.

Woo also emphasized the remarkable growth of the Bitcoin network; from 10,000 users in 2010 to an impressive 300 million people in 2023. Due to this widespread adoption, Woo predicts that the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. will open the door for mainstream investors.

Technical Perspective

Since the 2021 Bitcoin bull run, the weekly Relative Strength Index (RSI) has exceeded 70 for the first time, indicating that Bitcoin is currently in overbought territory. This potentially signals a pullback towards the support zone around $31,000. A pullback could attract more buyers and provide the necessary fuel for a rally towards a new all-time high (ATH). Notably, this support range aligns with the widely observed point of reversal, the 50% automatic Fib Retracement.

In summary, Bitcoin faces a crucial moment around the resistance of approximately $37,500. While the altcoin market is positive, technical indicators hint at a potential reversal. Actions of whale holders and Bitcoin miners are significant factors to monitor, given the growth of the network. Willy Woo’s predictions bring optimism, and the RSI indicates potential price adjustments. Bitcoin’s journey in the coming weeks will be closely watched by both investors and enthusiasts.