BCGAME - Free 5BTC Daily Bonus!On-chain indicators are very bullish on Bitcoin, and do not believe in a deeper price drop, analysts argue, that Bitcoin should remain a trillion dollar asset.
Currently the Bitcoin (BTC) is seeing a new user adoption tsunami as a backdrop so prices are unlikely to fall below $ 52.000, analysts say.
In a series of tweets on Tuesday, statistician Willy Woo called for calm about the recent drop in Bitcoin's price.
In this article, we will discuss:
$ 1 trillion limit created a new “line on the chart”
Reiterating earlier assertions, Woo argued that long support has firmly established Bitcoin as a trillion dollar asset and that BTC/USD would therefore not fall much below the $52k price equivalent to keeping it at around of $53.000.
“This revision of the lower price created an incredibly strong price validation for Bitcoin with a $ 1T limit.”, He wrote.
Woo also highlighted the continued transfer of coins from weak hands to strong hands, along with an increase in new users entering the space.
For fellow analyst William Clemente III, this newly adopted form of “hockey stick” had an essential meaning.
"This is the most important post on this topic by far," he replied to Woo, who noted that technical traders were much more pessimistic about Bitcoin, despite the strength of the on-chain indicators.
JPMorgan pessimistic at BTC… again
JPMorgan's Nikolaos Panigirtzoglou, in his last note, argued that this price drop would not cause buyers to enter as before.
The unfolding of futures positions, he added, would not be reversed and therefore the general interest in institutional Bitcoin bets would now disappear.
"In the past few days, Bitcoin futures markets have experienced a sharp settlement similar to mid-February, mid-January or late November," Bloomberg said, citing the note.
Momentum signals will naturally decline in several months, due to their still high level.
At the time of this writing, BTC / USD was still undecided about its short-term trajectory, clinging to $ 55.000 as signs of life turned to certain altcoins.
One cryptocurrency that did not perform anymore was the Dogecoin (DOGE), which dropped 18% on Wednesday after “Dogecoin Day” – an attempt to push the price to $4,20 – fell flat on its face.
DOGE / USD remained up 160% in one week.
