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Bitcoin (BTC) may have been a bit boring for some over the past few months. At least as far as the behavior of the course is concerned. The largest cryptocurrency by market capitalization is finally able to break out of the $25,000 valley since June this year. But since then, the price of Bitcoin has mainly moved in the opposite direction $30,000 as an average.
There are currently many different expert opinions Bitcoin Forecasts supply. As always, no clear predictions can be made. Everyone has to decide for themselves and take the next steps.
Bitcoin below $28,000?
Although the price of Bitcoin is set around 30,000, the bears seem to be in control at the moment. The price has a greater tendency to fall below this mark. One BTC is currently trading at $799. There are some signs after a The price dropped below the important $28,000 mark a lot is possible.
July 21 delivery details option
21,000 BTC options are about to expire, the Put Call Ratio is 0.41, the biggest pain point is $30,250, and the nominal value is $630 million.
180,000 ETH options are about to expire, the Put Call Ratio is 0.43, the biggest pain point is $1,900, and…
— Wu Blockchain (@WuBlockchain) July 21, 2023
For example, Chinese crypto analyst Wu Blockchain informed his 300,000 followers on Twitter that approx. 21,000 BTC options will expire soon. That could see the price drop to $28,000 if Bitcoin fails to rally above $30,250 by then.
Hash Ribbons indicate uncertain times
The forecast of crypto analysts Charles Edwards is neither more bearish nor more bullish. He introduced the concept of “hash ribbons” once. This is a chart indicator based on the Bitcoin network hash rate. So the full computing power of the miners is used to predict future price developments.
For many investors, Hash Ribbons are considered an important indication of upcoming price movements and buying opportunities. According to Charles Edwards, the hash rate has now cooled after a very sharp 50% rise in 2023. In this case, however, it is impossible to say whether it is a clear sign of a falling or rising price. Charles Edwards warned his followers to be careful.
We have Hash Ribbon capitulation.
AKA a slowdown in Bitcoin Hash Rate growth after an incredible (unsustainable) 50% increase in 2023.
HR capitalization is not a sell signal, but it is not bullish either. Risk management is needed until growth resumes. pic.twitter.com/q4ceCow8Nc
— Charles Edwards (@caprioleio) July 19, 2023
The Analyst Luke Wydra he supports Charles Edwards’ assessment and also agrees that the hash ribbons represent uncertain times. However, similar events of this nature have not always led to price increases. He believes that a strong buying opportunity often follows miners’ capitalization after the price remains trapped in a sideways tunnel for a period of time.
Bottoming out, rally ahead?
Crypto analyst Willy Woo is more bullish. According to his analysis, the bottom of Bitcoin is almost complete. The biggest cryptocurrency has been in a narrow corridor for a long time, and at the same time the demand for the future increases. According to Will Woo, it is this future demand that could help Bitcoin price break out.
Early signs that BTC consolidation is almost complete (FSI chart below).
Futures demand is currently moving the market, this demand is countering price action on the side (this is bullish).
Volatility dynamics would probably also bring more movement. pic.twitter.com/WkmiQO0B17
— Willy Woo (@woonomic) July 20, 2023
The crypt analysis company glass node also reports bullish news. That’s how it should be Bitcoin Output Profit Ratio (SOPR) is in a range that indicates rising prices. The price showed similar behavior during the bearish phases of 2016 and 2019 before the next rally started.
This alternative could also rise
There are several Bitcoin copies that could benefit from its rising prices as well. Among them is BTC20, an ERC-20 token with some properties of the original, improved with the staking feature. The BTC20 presale is already underway. BTC20 can currently be bought for 1 US dollar, with Ethereum (ETH), Tether (USDT) or Binance Coin (BNB) acting as a medium of exchange.
The developers of BTC20 designed their cryptocurrency in such a way that everyone would have the opportunity to start early and at cheap prices. It is aimed at everyone who missed the bitcoin train in the early years. However, those people should know that they are not buying original BTC here.
Last updated on July 21, 2023
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