The year 2022 so far has not yet been bright for the entire crypto industry, including the king, the Bitcoin (BTC). Ever since the start of 2022, the price of BTC has been plunging down further and further as time passes throughout the year.
BTC started the year 2022, with obviously a low price of $47K, and till date, the year 2022 has not seen BTC surpass the nominal barrier range of $50K for BTC so far. Currently, BTC is trading for the price of $19,362.58 with the graphs slightly turning towards the upper graphs of 1.2%, taking into account the past 24 hours.
Taking an overall look at the graphs clearly shows that BTC has been going just down and nothing else so far in 2022. Moreover, this bear market that BTC is currently facing is the worst it has seen so far. However, certain research reveals that the bear season for the BTC will soon be put to an end, expectedly within October, 2022.
The Thrust Drive for BTC
A latest research upon BTC by a well known research firm points out that the major reason why BTC will spring up soon, is the increase in number of BTCs being kept on-hold. On the contrary, many long-term investors, and those who truly know the value of BTC are continuing to hold them up.
Despite numerous factors provoking many to sell off their BTC holdings, the average of the sellers has become quite less. With BTC now available at prices below the extreme worse of $20K price range, many now opt to get in hand themselves a BTC. This indeed has tremendously increased the count of BTCs currently being put on hold.
On the other hand, with an increase in BTCs getting on hold, will indirectly increase the need and supply of BTC. This inturn evidently points out that the price of BTC will strategically rise up further in time.
Accordingly, the exchange flow statistics have now narrowed down to the time period BTC will start emerging back. This is ought to happen within the end of October, 2022. And so, for all those, who have not yet got themselves a BTC, it’s like the final call now for yourselves to get in hold of the digital gold. It’s probably a now or never situation!
Source: https://thenewscrypto.com/bitcoin-btc-expected-to-hit-bulls-month-end/