Express
Bitcoin's Historic Price Behavior Suggests The Currency May Drop Below $11,000 In The Near Future
Summary: Bitcoin has re-tested support at $11,200 more times than it has broken past $12,000 since the end of July with bullish momentum seeming to slow, data from Glassnode shows. Historically, Bitcoin has experienced drops in price between peaks called drawdowns, a recent report from Ecoinmetrics states. The author argues that most lengthy drawdowns occur during ...
Bitcoin has re-tested support at $11,200 more times than it has broken past $12,000 since the end of July with bullish momentum seeming to slow, data from Glassnode shows.
Historically, Bitcoin has experienced drops in price between peaks called drawdowns, a recent report from Ecoinmetrics states. The author argues that most lengthy drawdowns occur during the second half of halving cycles.
Bitcoin's third halving was 100 days ago, meaning the currency could be entering into the second phase of the cycle. If this is true, the currency could see its price drop down below $11,000 in the near future.
The report states that after drawback periods Bitcoin usually experiences exponential growth, recovering losses and gaining new price highs. The newsletter argues that the last quarter of 2020 will be an important period for determining Bitcoin's future price action.
By Emily Mason
Tags: Bitcoin,BTC,Ecoinmetrics
Link: Bitcoin's Historic Price Behavior Suggests The Currency May Drop Below $11,000 In The Near Future [Copy]
