Journalist
Posted:
- Since the daily close turned lower, BTC seems poised to drop again.
- Miners can help prevent a huge plunge, as long as the exchange flow remains steady.
According to the founder of Into The Cryptovers, Benjamin Cowen, Bitcoin [BTC] could be headed for a death cross. Cowen, who posted his thoughts on
Read Bitcoins [BTC] Price prediction 2023-2024
BTC could eventually fall
For context, a deathcross refers to the decline of the short-term moving average (MA) below the long-term MA. When this happens, Bitcoin’s market chart reflects price weakness.
With the lower high, which occurs when an asset’s closing price is lower than the previous day’s high, BTC may have no choice but to fall.
#BTC The death cross rally has only seen lower highs so far, which is pretty typical.
So the general idea is the #BTC pumps into the death cross, finds a lower high and the downtrend continues. https://t.co/Hc5IsS7iO4 pic.twitter.com/09YCd0a3ec
— Benjamin Cowen (@intocryptoverse) September 27, 2023
Cowen previously predicted a lower high for Bitcoin since September 12. Around that time, BTC was on track to reach $27,000. However, the king coin’s price action has ended in consolidation over the past seven days.
But for Vladimir Toporkov, Chief Marketing Officer at stablecoin payments company Edelcoin, Bitcoin could close at $30,387 in the fourth quarter (Q4).
While Toporkov admitted that the currency’s volatility would be tested, he also noted that this sentiment was lagging Bitcoin ETF applications may reappear. Toporkov’s closing comment was that participants should be careful of the following:
“Going forward, it is advisable that investors thoroughly research and anticipate short-term fluctuations, especially as we head towards the end of the year when most whales are known to be taking profits from the market.”
Keep miners away unless…
In another corner is IT Tech, a chain analyst checked out what happened to Bitcoin, and the potential effect of miners’ actions on the price. Previously, miners were involved in selling part of their property.
But at the time IT Tech published on CryptoQuant, the seven-day influx of miners had stabilized. This statistic is the total number of coins owned miners and transferred to stock exchanges.
When the inflow of miners into the exchange increases, it indicates a potential selling intent. However, a decline suggests otherwise. This will be the case from September 28 decreased to 125.54. The day before there were only 1200.
Source: CryptoQuant
How many Worth 1,10,100 BTC today?
Therefore, the increase implies that Bitcoin may not experience much selling pressure. That’s if the metric doesn’t peak. Meanwhile, IT Tech ended its analysis with a warning noting that:
“Miners’ reserves remain stable and I have not observed any significant sell-off on the part of miners. Nevertheless, in current market conditions they are exerting some selling pressure, especially during periods of low volume and slow price movements.”