Bitcoin (BTC) has continued its descending spiral as the technical signals confirm the bearish impulse of the badly cryptocurrency. In the last 24 hours, Bitcoin fell from an intradic peak of $ 111,420.48 to the range of $ 108,000, leaving investors wondering how low it could fall.
The analyst predicts $ 103k as potential Bitcoin Bottom
According to a update De Michaël Van de Poppe, a renowned cryptographic analyst, is likely that Bitcoin’s short -term trend remains bassist. He believes that the market is in a corrective phase and could remain in the Way down For a while until the price reaches about $ 103,000.
Van de Poppe considers this level as a possible “background” point for BTC. He insisted that current levels show weakness and indicate that correction is not over yet. To get out of the current phase, the analyst said that Bitcoin has to break above the resistance level of $ 112,000.
This price level has proven significant since Bitcoin faced the rejection here. It indicates that sellers still have control, a development that could avoid ascending impulse for the asset.
Interestingly, a Bitcoin whale raised $ 4 billion in profits in the last 48 hours. Such movements of obtaining profits could be brought on the path of a fast rebound, and when it happens, the impulse would be weak, as Van de Poppe highlighted.
The institutional demand of BTC offers silver lining
At the time of writing this article, Bitcoin’s price was trade At $ 108,576.49, which represents a 1.23% decrease in the last 24 hours. Within this period of time, the negotiation volume has increased by 11.37% to $ 72.66 billion, indicating greater activity despite the fall.
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This could be as a result of the institutional demand, which Vaneck said recently. According to the Financial Giant based in New York, many Corporations are stacking In the currency with 638,617 BTC added only this year.
The figure has already turned the total of 2024 of 120,290 BTC, which represents an increase of five times so far.