The Bitcoin price continues to trade within the same range, with reduced volatility from the past couple of days. Ever since the price dropped below $20,000, the markets have dropped into a deep bearish well. Therefore, it has become important for the BTC price to reclaim these levels to revive with a bullish trend.
But when will the star crypto rise above these levels? If yes at what levels, one can expect a firm rebound?
The BTC price has undergone a couple of bear markets earlier and marked a new bottom each time. Back in 2015 and 2018, the bear market had squeezed more than 80% from its interim highs. This was where the BTC price rally was triggered that roe high to mark new highs. Therefore, considering the previous price trends, the current bottom is predicted to be around $11,000,
On the other hand, Grayscale is believed to liquidate its BTC holdings as the U.S.Securities, under whose supervision it works, are likely to authorize a one-off redemption for Genesis to meet liquidity needs.
“With all of the SEC’s opposition to GBTC this year, we certainly don’t expect this to happen anytime soon. On the bright side, this also means a low chance of a large one-off BTC selling pressure from this,”
Collectively, Bitcoin price is expected to remain below $20,000 for a long time as the bearish could are set to hover for an extended period. Meanwhile, the bulls may try to keep up the price to some extent but eventually fail as many strong hands may remain away from the markets for a while.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-may-not-rise-above-20000-as-grayscale-may-liquidate-their-holdings-soon/