Coin News

Bitcoin (BTC) Price May Not Rise Above $20,000 as Grayscale May Liquidate their Holdings Soon

19 Nov, 20222 min readBitcoin
Bitcoin (BTC) Price May Not Rise Above $20,000 as Grayscale May Liquidate their Holdings Soon

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,

Comparing the current $BTC bear market to the previous two.So far price is down almost 80%If this bear market goes as bad as 2014-2015 you'd be looking at roughly $9.5kIf it goes like the 2017-2018 bear market it'd be ~$11k. — DonAlt (@CryptoDonAlt) November 19, 2022

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

Subscribe to get our top stories

Coin News
App StoreApp Store