Bitcoin News- A bearish breakthrough from a four-month-old flag pattern occurred on April 22nd.
- Bitcoin is up 0.30% in the last 24 hours.
Despite the present market turmoil, Bitcoin devotees are sure that the pioneering crypto will soar in the long run. Former BitMEX CEO Arthur Hayes predicts that Bitcoin will be worth $1 million by 2030. According to Hayes, global economic trends and geopolitical events will propel Bitcoin to its gigantic price objective. Unfortunately, Hayes ‘ portrayal is grim regarding government policies driving economies.
High Selling Pressure
A flag pattern’s support collapse signals that the price of Bitcoin (BTC) will continue to correct. A 4 percent drop in price confirmed this breakdown after a successful retest. Coin prices may fall to $36650 in response to the pattern’s reversal and much lower if selling pressure is prolonged.
A bearish breakthrough from a four-month-old flag pattern occurred on April 22nd. The coin holders suffered a psychological blow below $40000 due to the pattern breakdown, which exacerbated the current slump.
With these support levels repeatedly tested over the last week, the BTC price has fallen to $38,409. Crypto analyst Willy Woo devised the NVT Ratio (Network Value to Transactions) to measure the relationship between market capitalization and transaction volume. A high NVT rating suggests that the BTC price is overpriced or trading at a premium since the Market Cap growth exceeds the transaction volume. The NVT ratio is hovering around 26 (undervalued), which hasn’t been seen since early 2016 and late 2017.
According to CMC, the Bitcoin price today is $38,405.70 USD with a 24-hour trading volume of $25,553,202,931 USD. Bitcoin is up 0.30% in the last 24 hours.
Source: https://thenewscrypto.com/bitcoin-btc-price-likely-to-be-dominated-further-by-bears/